Puerto Rico can't pay public debt

theworldismine13

theworldismine13

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88m3 said:
  • Argentina (1827, 1890, 1951, 1956, 1982, 1989, 2002–2005[1] (see Argentine debt restructuring), 2014[4][5][6])
  • Bolivia (1875, 1927,[1] 1931, 1980, 1986, 1989)
  • Brazil (1898, 1902, 1914, 1931, 1937, 1961, 1964, 1983, 1986–1987,[1] 1990[1])
    • Chile (1826, 1880, 1931, 1961, 1963, 1966, 1972, 1974, 1983)
    • Colombia (1826, 1850, 1873, 1880, 1900, 1932, 1935)
    • Costa Rica (1828, 1874, 1895, 1901, 1932, 1962, 1981, 1983, 1984)
    • Dominica (2003–2005)[1]
    • Dominican Republic (1872, 1892, 1897, 1899, 1931, 1975-2001[1] (see Latin American debt crisis), 2005)
    • Ecuador (1826, 1868, 1894, 1906, 1909, 1914, 1929, 1982, 1984, 2000, 2008)
    • El Salvador (1828, 1876, 1894, 1899, 1921, 1932, 1938, 1981–1996[1])
      • Guatemala (1933, 1986, 1989)
      • Guyana (1982)
      • Honduras (1828, 1873, 1981)
        • Mexico (1827, 1833, 1844, 1850,[1] 1866, 1898, 1914, 1928–1930s, 1982)
        • Nicaragua (1828, 1894, 1911, 1915, 1932, 1979)
        • Panama (1932, 1983, 1983, 1987, 1988-1989[1])
        • Paraguay (1874, 1892, 1920, 1932, 1986, 2003)
        • Peru (1826, 1850,[1] 1876, 1931, 1969, 1976, 1978, 1980, 1984)
        • Surinam (2001–2002)[1]

          • Uruguay (1876, 1891, 1915, 1933, 1937,[1] 1983, 1987, 1990)
          • Venezuela (1826, 1848, 1860, 1865, 1892, 1898, 1982, 1990, 1995–1997,[1] 1998,[1] 2004)
  • Spain (13 times in 1500-1900[2], 1809, 1820, 1831, 1834, 1851, 1867, 1872, 1882, 1936-1939[1])
      • Portugal (1828, 1837, 1841, 1845, 1852, 1890)
      • Greece (1826, 1843, 1860, 1893, 1932)


    • 23px-Flag_of_Argentina.svg.png
      Argentina Dec 2001 Following from years of instability, the Argentine economic crisis (1999–2002) came to a head, and a new government announced it could not meet its public debt obligations.
https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises

numerous others where they nearly defaulted or were bailed out aren't included.
Click to expand...

there is this book i really like https://en.wikipedia.org/wiki/The_Origins_of_Political_Order

in one chapter, he actually goes off on this issue, of latin american countries defaulting, he thinks it goes back to the spanish empire

dont really buy it, i think its just shyt happens

but aside from that, what i thought he did really good is how he explained how even tho the spanish empire and its colonies had all the gold and mineral wealth, the english government actually had more money simply becuase their money came from taxing the middle class while the mineral wealth of the spanish empire ended up in merchants hand and not the actual spanish crown/government

and eventually that brought about the defeat of the spanish armada and the decline of spain
 
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OSUBaneBrowns

OSUBaneBrowns

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The US government may change the bankruptcy laws so that P.R. can filed for chapter 9 protection. Since they are a commonwealth of the U.S., we can't ditch them but they cannot get a bailout with the economy as it is right now. Puerto Rico needs to find a way to pump up their economy beside being dependent on tourism because the natives keep leaving for the states.
 
OfTheCross

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Keeping my overhead low, and my understand high
unit321 said:
The governor warned that Puerto Rico can't pay its $72 billion public debt on the eve of a private Monday meeting with legislators, delivering another jolt to the recession-gripped U.S. island as well as a world financial system already worrying over Greece's collapsing finances.
Gov. Alejandro Garcia Padilla is hoping to defer debt payments while negotiating with creditors, spokesman Jesus Manuel Ortiz said Sunday night.
Garcia is expected to air a pre-recorded televised address after meeting with legislators, who are still debating a $9.8 billion budget that calls for $674 million in cuts and sets aside $1.5 billion to help pay off the debt. The budget has to be approved by Tuesday.
...
Puerto Rico's constitution dictates that the debt has to be paid before any other financial obligation is met. If Garcia seeks to not pay the debt at all, it will require a referendum and a vote on a constitutional amendment, she said in a phone interview.
....

http://finance.yahoo.com/news/puert...sland-cant-pay-public-041906480--finance.html

Hmm, where are they headed?
Click to expand...

The article really isn't clear on what caused this situation..or maybe I'm just too tired and didn't see it
 
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gonzo8402 said:
The article really isn't clear on what caused this situation..or maybe I'm just too tired and didn't see it
Click to expand...
Basically, the way PR is set up they don't get the full legitimacy that non-contiguous states do and therefore can't tax things the way we do...not to mention the place has been historically averse to investment and development it makes it damn near impossible to get out of their hole while filling basic needs.
 
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