… The Banks may Not Like It [#Puerto Rico][#debt][#bankruptcy][#default]…
Posted by paulfromwloh on Saturday,January 7th,2017
.. the banks are really going to hate this . But , it will teach them an important lesson about loans and U.S. governments , in particular the states . They will have to book their losses , and quit whining ..
.. Puerto Rico is going to have to be realistic . Their government is far too big . Their debt load is far too large for them to manage properly . also , their scope of their government and services is waaay too broad . Simple , the commonwealth cannot afford the current size of government . Things will have to change ..
.. now , will our Congress create a Chapter 9 style bankruptcy system for the states . Some of them are eventually going to need it .. [read : Illinois] ..