Lake Erie Conservative

thoughtful discussion(s) about issue(s)

Posts Tagged ‘commonwealth’

… It is Only a Beginning [#Puerto Rico][#financial control board]…

Posted by paulfromwloh on Sunday,May 29th,2016

.. yes , it is only a beginning . At least both parties are taking Puerto Rico ‘ s problems seriously ..

.. but , ultimately , it is the commonwealth itself that has to govern itself and manage its finances in a proper manner ..

.. default is obviously not an option . Public services are ending . Schools are closing . Bankruptcy is not likely an option , either . Sharp spending cuts will have to be shared by all , including pensioners ..

.. [h/t — Newsmax.com/finance]..
.. [link] to the blog post news ..

.. the spectres of both fallouts will get folks ‘ attention . Whether it will get the attention of Puerto Rico ‘ s political establishment is another matter ..

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… Now Puerto Rico is In the Deep Soup [#default]…

Posted by paulfromwloh on Wednesday,May 11th,2016

.. Puerto Rico is now in deep trouble . They have now officially defaulted on about $400 million in government debt for a specialized agency . it is just one default , but there will be others to come ..

.. as a territory [officially a commonwealth] of the United States , the P.R. cannot file for bankruptcy w.o. the permission of Congress . Right now , Congress is not forthcoming with that permission , at least not as of yet . But the debate has been engaged on the subject ..

.. [h/t — Newsmax.com]..
.. [link] to the blog post ..

.. since many essential services in P.R. are delivered by the P.R. government , the P.R. is husbanding what few resources that it currently has . They are keeping essential services , such as schools , police , fire , and others ..

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