KRED

Tuesday, May 16, 2017

Puerto Rico Declares Bankruptcy; Sticks U.S. Mainland with the Bill

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It is now official: Puerto Rico is broke. Last Wednesday, on May 3, the island territorial government, unable to meet its commitments on more than $70 billion in bonds and nearly $50 billion in employee pensions, declared bankruptcy. As far as municipal bond defaults go, it is the largest in U.S. history. Mismanagement and corruption have had more than a little to do with this meltdown. Congress paved the way for receivership last June when it passed legislation granting Puerto Rico protection from

May 16, 2017 at 07:55AM

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from Anti-Corruption Digest

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