How Did Puerto Rico Get Into Debt?

How Did Puerto Rico Get Into Debt?

Category: Finance

1. Puerto Rican government-debt crisis – Wikipedia

The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to “junk status” after the government was unable to ‎Background · ‎Causes · ‎Reactions · ‎Proposed solutions(1)

May 2, 2018 — But it didn’t fall into financial ruin all on its own: Wall Street kept pushing the Puerto Rican government’s loans even as the island (2)

Oct 9, 2017 — Here’s how Puerto Rico got into so much debt · An exodus of large businesses and a lack of tax revenue forced the Puerto Rican government to (3)

2. Puerto Rico: 6 reasons why the island slid into financial crisis

Oct 4, 2017 — The process looks a lot like bankruptcy. Puerto Rico, which filed for the equivalent of federal bankruptcy protection in May, owes $74 billion (4)

Feb 11, 2020 — Puerto Rico has reached a deal with creditors who hold $35 billion in its general obligation bonds, passing an important milestone as it (5)

How can Puerto Rico deal with its debt crisis? — The territory’s constitution also allows Puerto Rico to balance its budget with debt, (6)

3. Puerto Rico’s debt crisis, explained in 11 basic facts – Vox

Aug 3, 2015 — 1) Puerto Rico is sinking under $72 billion in debt · 2) Puerto Rico’s economy has been struggling since 2006, when the federal government (7)

Oct 4, 2019 — Even then, a year before Hurricane Maria, Puerto Rico’s roughly $70 billion of debt was “unpayable,” as its former governor had put it in 2015.(8)

4. Puerto Rico’s Debt – Bloomberg

Oct 4, 2017 — It also has more debt — $74 billion — than any U.S. state government except California, New York and Massachusetts. The debt, a result of (9)

Oct 7, 2017 — That has made it more expensive for the country to fund itself because lenders demand a greater return to lend to creditors considered on the (10)

And the only way to do that and to accomplish that is by enacting the types of tax incentives that will enable investors to come and invest in Puerto Rico.(11)

May 18, 2021 — Puerto Rico’s public debts fall into four categories: general obligation Retirement System (ERS) bonds, for example, did not qualify for 61 pages(12)

The island is in $72 billion in debt, but how did this happen? Since 2006, Puerto Rico has suffered through a recession, housing crisis, population loss (13)

5. Puerto Rico’s Debt Crisis Explained | KQED

Jul 5, 2016 — Failed to save article Puerto Rico is drowning in debt. The cash-strapped U.S. island territory in the Caribbean hasn’t been financially sound (14)

Oct 9, 2017 — Long before Hurricane Maria left millions on the island without power or water, Puerto Rico was battling a financial crisis years in the making.(15)

May 2 – Puerto Rico is set to default on most of $422 million in debt payments due. Catholic Charities USA and the US Conference of Catholic Bishops write (16)

6. Puerto Rico files debt-restructuring plan amid criticism

Mar 9, 2021 — SAN JUAN, Puerto Rico — A framework that outlines how Puerto Rico will restructure at least $35 billion in public debt and more than $50 (17)

Feb 23, 2021 — Puerto Rico accumulated the debt after decades of mismanagement, corruption and excessive borrowing to balance budgets. A former governor (18)

Feb 9, 2020 — Of the more than $13 billion in outstanding general obligation or “GO” bonds covered in the plan, the bonds issued pre-2012 would receive (19)

Debt Crisis. As Puerto Rico’s economy stopped growing, so did revenues for its government. To cover the gap in revenues, Puerto Rico’s borrowing increased (20)

7. Puerto Rico’s Economic Crisis: – Senate Finance Committee

In June. 2015, Puerto Rico’s Governor Alejandro García Padilla declared that the Commonwealth’s $72 billion debt was “not payable.” He further.(21)

How Wall Street Squeezes Puerto Rico · I voted against PrOMESA, and many of my fears about it have come true. · My Plan for Puerto Rico’s Financial Recovery.(22)

Dec 22, 2020 — Puerto Rico’s debt exploded in the mid-aughts, driven by the sale of relatively high-risk, high-interest bonds, as federal policy changes (23)

8. Listing of the Main 5 Causes of Poverty in Puerto Rico

Aug 31, 2017 — Puerto Rico continues to be in need of help, with unemployment and debt at an all time high. The government’s overspending and congressional (24)

May 1, 2018 — In the years before Hurricane Maria devastated Puerto Rico, a debt crisis crippled the island’s finances, wiping out billions in Puerto (25)

Oct 30, 2020 — SAN JUAN, Puerto Rico (AP) — A plan to pull Puerto Rico out of a type of bankruptcy by 2021 hit a major obstacle Friday when a new member (26)

9. Deal reached to cut Puerto Rico bond debt, pensions a …

Feb 23, 2021 — The deal would result in an average 27% haircut for GO bondholders and 21% for PBA bondholders and would reduce Puerto Rico’s total debt (27)

US lawmakers are grappling with what to do about Puerto Rico’s debt crisis, raising uncomfortable questions about the mainland’s role in the island’s (28)

10. Puerto Rican debt – Action Center on Race and the Economy

by S BHATTI — Puerto Rico is embroiled in a dire humanitarian crisis that is being compounded by its unsustainable debt load. Puerto Rico did not come.(29)

ITS DEBT? A MERCATUS DEBATE. After 10 years of recession and poor fiscal management, Puerto Rico is facing a major fis- cal crisis. With $72 billion in debt (30)

Dec 3, 2018 — When Puerto Rico declared a form of bankruptcy in May, it was the largest municipal bankruptcy debt in U.S. history. Puerto Rico’s more than (31)

Apr 28, 2021 — Puerto Rico is currently undergoing a process of restructuring the island’s more than $70 billion in public debt. This debt has burdened (32)

Jul 6, 2015 — Salt, bread, the basics cost more, but we can’t charge customers more because so few come by.” Perez said that family kept her in Puerto Rico: “ (33)

Jul 18, 2019 — Here’s what’s going on in Puerto Rico, and some of the biggest questions people are asking: How did Puerto Rico become a US territory? Puerto (34)

Feb 6, 2019 — Four years after Puerto Rico defaulted on billions of dollars in bonds, a federal judge has approved a debt restructuring deal that will (35)

May 16, 2017 — At the beginning of May, Puerto Rico entered an unprecedented form of bankruptcy protection with a record breaking $123 billion in combined debt (36)

Oct 5, 2017 — In an ideal world, Puerto Rico should have restructured its debt years ago by using a third party to Detroit successfully did this.(37)

Jul 1, 2016 — The bill prevents the island from being sued for not paying the nearly $2 billion in bond payments that came due on Friday—a possibility that (38)

Excerpt Links

(1). Puerto Rican government-debt crisis – Wikipedia
(2). How Puerto Rico’s Debt Created A Perfect Storm Before The …
(3). Here’s How Puerto Rico Got Into so Much Debt
(4). Puerto Rico: 6 reasons why the island slid into financial crisis
(5). Puerto Rico Reaches Deal to Settle $35 Billion in Debt – The …
(6). Puerto Rico: A U.S. Territory in Crisis | Council on Foreign …
(7). Puerto Rico’s debt crisis, explained in 11 basic facts – Vox
(8). Opinion | Finally, Puerto Rico has a way out of its debt crisis …
(9). Puerto Rico’s Debt – Bloomberg
(10). Puerto Rico has more than $70 billion in debt because of this …
(12). Puerto Rico’s Public Debts – Federation of American Scientists
(13). Puerto Rico’s Economic Crisis
(14). Puerto Rico’s Debt Crisis Explained | KQED
(15). Who owns Puerto Rico’s mountain of debt? You do
(16). Puerto Rico Debt Crisis: A Timeline – Jubilee USA Network
(17). Puerto Rico files debt-restructuring plan amid criticism
(18). Puerto Rico governor rejects key deal with creditors to reduce …
(19). Puerto Rico bondholders strike $35 billion debt restructuring …
(20). Puerto Rico’s Peculiar Case: Bankruptcy of an Unincorporated …
(21). Puerto Rico’s Economic Crisis: – Senate Finance Committee
(22). My plan to provide comprehensive debt relief to Puerto Rico …
(23). Bondholders Scramble for Power in Puerto Rico Debt Board
(24). Listing of the Main 5 Causes of Poverty in Puerto Rico
(25). Former UBS Insider Says Banks Fueled Economic Crisis in …
(26). Puerto Rico debt restructuring hits snag in public clash
(27). Deal reached to cut Puerto Rico bond debt, pensions a …
(28). The Puerto Rican Debt Narrative | On the Media | WNYC Studios
(29). Puerto Rican debt – Action Center on Race and the Economy
(30). Should Puerto Rico Be Allowed to Restructure Its Debt? A …
(31). Who Owns Puerto Rico’s Debt, Exactly? We’ve Tracked Down …
(32). An Urgent Rescue Plan for Puerto Rico – Center for American …
(33). Puerto Rico’s ‘unpayable’ debt: is this the Greece of the …
(34). From a debt crisis to Hurricane Maria to a massive texting …
(35). Puerto Rico’s bleak finances brighten with debt restructuring …
(36). Puerto Rico’s Debt Trap | Econofact
(37). Puerto Rico’s recovery depends on debt forgiveness …
(38). Puerto Rico’s Problems Go Way Beyond Its Debt – The Atlantic