Categoría: Government

Senator Durbin cites problems with House Puerto Rico debt bill

Senator Durbin cites problems with House Puerto Rico debt bill

U.S. Senator Dick Durbin, the chamber’s second-ranking Democrat, expressed deep reservations on Tuesday with a Puerto Rico debt relief bill being debated by a House of Representatives panel this week.

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Puerto Rico’s Governor Says the Island Will Default on Monday

Puerto Rico’s Governor Says the Island Will Default on Monday

Puerto Rico’s Government Development Bank has a $422 million payment due to creditors that day.

Puerto Rican officials talked tough ahead of a major debt payment due on Monday, with the U.S. territory’s governor predicting default, and chances slipping for a restructuring deal with creditors.

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House Republicans have abruptly canceled a committee vote on a plan to help Puerto Rico deal with its $70 billion debt in the face of conservative opposition

House Republicans have abruptly canceled a committee vote on a plan to help Puerto Rico deal with its $70 billion debt in the face of conservative opposition

House Republicans on Wednesday abruptly canceled a committee vote on a plan to help Puerto Rico deal with its $70 billion debt in the face of conservative opposition.

A vote on the bill establishing a control board had been scheduled for Thursday with a sense of urgency, as Puerto Rico faces a deadline for a multimillion-dollar bond payment next month. The government has said it will likely default, which would mark the first time Puerto Rico would default on general obligation bonds protected by the island’s constitution.

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Puerto Rico rescue can prevent investor ‘chaos’: U.S. official

Puerto Rico rescue can prevent investor ‘chaos’: U.S. official

The U.S. Congress must allow Puerto Rico to erase a share of its debt or investors will face a long, uncertain fight to recover their money from the cash-strapped island, a U.S. Treasury official said on Wednesday.

Republicans who control Congress outlined a plan this week to help Puerto Rico write off billions of dollars in debt if an agreement with creditors is out of reach.

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Obama administration critical of Puerto Rico debt bill

Obama administration critical of Puerto Rico debt bill

House lawmakers on Wednesday began considering a bill to address Puerto Rico’s debt crisis, but quickly ran into criticism from the Obama administration.

The House Committee on Natural Resources is considering legislation to create a financial oversight board for the island, which is struggling with $70 billion in debt. The committee has jurisdiction over U.S. territories. Unlike states, Puerto Rico by law cannot go bankrupt.

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Puerto Rico Bonds Tumble on Debt Moratorium Bill

Puerto Rico Bonds Tumble on Debt Moratorium Bill

Some Puerto Rico bond prices touched record lows after Gov. Alejandro García Padilla signed a bill that would allow the commonwealth to suspend debt payments while awaiting help from Washington in dealing with the island’s financial crisis.

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Puerto Rico needs freeze on lawsuits to face debt crisis: governor

Puerto Rico needs freeze on lawsuits to face debt crisis: governor

The U.S. Congress must protect Puerto Rico from investor lawsuits so that the island’s government can face a debt crisis, Governor Alejandro Garcia Padilla said on Thursday.

Leaders in Congress agree that Puerto Rico needs an independent board to help face $70 billion in debt and a 45 percent poverty rate, but Padilla said the island needs more urgent help.

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Lawmakers see strong board as part of Puerto Rico debt fix

Lawmakers see strong board as part of Puerto Rico debt fix

Republican lawmakers are writing a fix to the Puerto Rico debt crisis that would give an independent financial review board sweeping power to arbitrate creditor disputes and map a future for the U.S. territory’s pension system.

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In Scandal at Puerto Rico Utility, Ex-Fuel Buyer Insists He Took No Bribes

In Scandal at Puerto Rico Utility, Ex-Fuel Buyer Insists He Took No Bribes

The mystery man at the heart of what is being called “a monumental fraud” in Puerto Rico broke his silence this week, answering questions under oath about whether conspirators at the island’s electric utility overcharged residents by hundreds of millions of dollars and worsened the island’s debt crisis.

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Puerto Rico’s House of Representatives Passes Bill to Restructure $9 Billion in Debt

Puerto Rico’s House of Representatives Passes Bill to Restructure $9 Billion in Debt

THE NEW YORK TIMES – A plan to restructure about $9 billion of Puerto Rico’s debt, hailed as a model for the rest of the island’s debt-laden government, moved toward the desk of Gov. Alejandro García Padilla to be signed into law on Tuesday, after winning approval by Puerto Rico’s House of Representatives. The Puerto Rico Senate, which approved a similar […]

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Supreme Court Justice Scalia dies

Supreme Court Justice Scalia dies

Supreme Court Justice Antonin Scalia, a tart-tongued champion of conservative interpretation of the Constitution, has died at a West Texas ranch resort, government officials said Saturday. Scalia, the longest-serving justice on the court, was 79.

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Puerto Rico, in deep economic slump, tells investors: come to island

Puerto Rico, in deep economic slump, tells investors: come to island

Puerto Rico’s government has a message for wealthy investors: come to the island – despite the deepening economic crisis.

Officials hosted a meeting Thursday aimed at luring hundreds of investors with local tax incentives that they hope could help lift the U.S. territory out it’s nine-year economic slump.

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Puerto Rico advances utility restructuring

Puerto Rico advances utility restructuring

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U.S. to Study Zika Link to Guillain-Barre in Puerto Rico

U.S. to Study Zika Link to Guillain-Barre in Puerto Rico

Experts from the U.S. Centers for Disease Control and Prevention are heading to Puerto Rico this week to study whether the mosquito-borne Zika virus will cause an increase in cases of a rare neurological disorder known as Guillain-Barre syndrome as the outbreak intensifies in this U.S. territory.
The World Health Organization last month predicted that Zika would spread to all countries in the Americas except for Canada and Chile.

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Puerto Rico Declares Zika Emergency

Puerto Rico Declares Zika Emergency

Puerto Rico declared a public health emergency over the Zika virus on Friday afternoon, following the confirmation of 22 cases of the infection, including one pregnant woman, and one man who developed the severe Guillain-Barre syndrome neurological reaction.

Governor Alejandro Garcia Padilla said on Friday that “federal authorities are helping develop an education campaign and prevention strategies,” according to the Associated Press.

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Puerto Rico Pleas with Washington for Restructure Law to Avoid Major Defaults

Puerto Rico Pleas with Washington for Restructure Law to Avoid Major Defaults

Maria Myka | staff@latinopost.com – Yet another South American country facing debt crisis is Puerto Rico, which is expected to default on their debt by spring. In a report from the Democrat Gazette, the country’s top advisers made a case in Washington to allow restructuring of Puerto Rico’s long overdue multibillion-dollar debt “at a steep price.” For Puerto Rico to be […]

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Puerto Rico declares public health emergency over zika virus

Puerto Rico declares public health emergency over zika virus

On Friday, Puerto Rico Governor Alejandro Garcia Padilla declared a public health emergency because of the zika virus, a government statement said.

Trinidad and Tobago declared a similar national health emergency on January 29 and on February 1 the World Health Organisation announced that the “explosive spread” of the zika virus in the Americas represented an international public health emergency.

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State of emergency declared in Puerto-Rico as Zika cases climb to 22

State of emergency declared in Puerto-Rico as Zika cases climb to 22

Puerto Rican authorities have been forced to declare an emergency situation in the country, following a steep rise in Zika fever incidences. The number of cases stands at 22.
Puerto Rico Governor Alejandro Garcia Padilla told reporters on Friday that federal authorities were helping set up an outreach campaign to educate people on prevention strategies, AP reports.

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Republicans Show Signs of Compromise on Puerto Rico

Republicans Show Signs of Compromise on Puerto Rico

Goals of any legislation are to give Puerto Rico a one-stop shop for negotiating with creditors that will be more orderly
Bipartisan discussions over how to resolve Puerto Rico’s debt crisis suggest at least a slim legislative pathway has opened for the Obama administration, which is seeking congressional action before potential defaults accelerate this summer.

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Puerto Rico proposes 46 percent debt cut in creditor plan

Puerto Rico proposes 46 percent debt cut in creditor plan

Puerto Rico on Monday announced it had made an exchange offer to financial creditors to reduce a $49.2 billion chunk of its debt by about 46 percent, to $26.5 billion.

The plan, the opening salvo in the U.S. Commonwealth’s efforts to resolve its $70 billion debt load, would offer creditors reductions in payouts under a debt exchange, but give them an opportunity to make up the difference through a separate bond issue whose payout would be dependent on the island’s future growth.

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Puerto Rico offers plan for its debt

Puerto Rico offers plan for its debt

Puerto Rico has proposed a plan to ease its crushing debt burden that would give major creditors new bonds worth an average of 54 percent of their existing ones, but also would give bondholders an unusual way to receive additional money if the commonwealth’s economy grows at unexpectedly rapid rates.

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Puerto Rico Said to Release Restructuring Plan as Soon as Monday

Puerto Rico Said to Release Restructuring Plan as Soon as Monday

Puerto Rico officials may release details to the public of a proposal to restructure the commonwealth’s $70 billion debt burden as soon as Monday, according to three people with knowledge of the discussions.

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Puerto Rico Plans Debt-Exchange Offer Friday

Puerto Rico Plans Debt-Exchange Offer Friday

Puerto Rico plans to propose a debt exchange to investors Friday, offering to swap existing bonds for two new types of securities to help the U.S. commonwealth alleviate its debt burden.

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Puerto Rico Power Company Reaches New Deal With Creditors

Puerto Rico Power Company Reaches New Deal With Creditors

Puerto Rico’s power company said Thursday that it reached a new deal with bondholders as it seeks to restructure roughly $9 billion in debt.

The agreement calls for legislators to approve a measure by Feb. 16 needed to launch the restructuring of the largest U.S. public power utility.

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Puerto Rico PREPA’s declines offer for fresh debt deal deadline

Puerto Rico PREPA’s declines offer for fresh debt deal deadline

Chances of Puerto Rico’s power utility PREPA reaching a deal with creditors to restructure its $8 billion debt were cast in uncertainty on Friday as one deadline passed and the utility baulked at the new terms offered for a new one.

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