Puerto Rico can't pay public debt

[88m3]

yeah, lenders/bond investors deserve some of the blame as well. this much money should not have been extended to them.

cheers

 

[#StarkSet]

So we gonna have to bail these bums out?

 

[Rice N Beans]

I remember going there when I was in 7th grade and I had no sales tax on my purchases. I was gotta move out here.


Now though.

 

[Domingo Halliburton]

So we gonna have to bail these bums out?

Congress will most likely change bankruptcy laws allowing them to declare chapter 9 which I don't think they can technically do now because they're not a state.

 

[88m3]

Congress will most likely change bankrupt laws allowing them to declare chapter 9 which I don't think they can technically do now because they're not a state.

That's what I'd read. Yet to be seen if congress will act though, I can't imagine an alternative.
I also think they'll run into the slightly tricky subject of statehood for Puerto Rico.

Also

How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico

http://www.nytimes.com/2016/02/02/b...ee-electricity.html?smid=fb-nytimes&smtyp=cur

 

[Domingo Halliburton]

http://www.nytimes.com/2016/02/02/b...ee-electricity.html?smid=fb-nytimes&smtyp=cur

We had a guy come to our offices 6 months ago or so who wanted to build a solar farm down in PR. Prepa was his off taker and he had like a 20 or 30 year PPA, I remember looking at their credit rating even back then and thinking like this is going to be hard to do. I'm glad the guy never signed up with us because we'd probably still be working on it and not able to get it done for him.

 

[88m3]

We had a guy come to our offices 6 months ago or so who wanted to build a solar farm down in PR. Prepa was his off taker and he had like a 20 or 30 year PPA, I remember looking at their credit rating even back then and thinking like this is going to be hard to do. I'm glad the guy never signed up with us because we'd probably still be working on it and not able to get it done for him.

Sounds really ambitious, I can't imagine flying that close to the sun(no pun intended). Gotta take my hat off to guys like that.