Sunday, June 25, 2017


Image result for Puerto Rico Illinois bankruptInstapundit » Blog Archive » PUERTO RICO GOING BANKRUPT: It’s been on the verge for a year. Investors Business Daily says Puerto …:
JUNE 24, 2017
It’s been on the verge for a year. 
Investors Business Daily says Puerto Rico “essentially declared bankruptcy” earlier this month.
Puerto Rico is currently $73 billion in debt, which is close to 100% of the island’s annual output. It owes a sizeable portion of this to the island’s current and future pensioners: Puerto Rico’s pension fund is woefully underfunded. It also owes billions to general obligation bondholders — whose investments are guaranteed by the island’s constitution — and to COFINA (also known as Puerto Rico Sales Tax Financing Corp.) bondholders, who hold debt explicitly backed by sales-tax revenues.
Image result for Puerto Rico Illinois bankruptHas Puerto Rico gone “Full Illinois” before Illinois goes Full Illinois? Not according to the article.
Illinois also has taken a page out of the Puerto Rico playbook by beginning to demonize its bondholders as greedy investment bankers profiting off the misery of others..."
Read on!!

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