Hints and tips:
...Puerto Rico has inaugurated its newest governor, the third person to hold the position in a week....
...Alexandria Ocasio-Cortez, the Democratic congresswoman from New York who is half Puerto Rican, said the resignation of the governor was “a triumph for the people of Puerto Rico”....
...Other Republicans, though, have gotten the message. Senator Rick Scott, formerly governor of Florida and an otherwise staunch Trump supporter, is a strong advocate for Puerto Rico....
...The commonwealth’s governor and legislature, however, have often ignored the board or litigated against its authority....
...It was revealed last week that the commonwealth bought a Chevrolet SUV for the governor for $245,000. That is higher than the base price of a Lamborghini Urus SUV. The creditors may have a point....
...John Paulson, the hedge fund investor who made billions of dollars in the financial crisis, told the FT he planned to move from midtown Manhattan to the low-tax US commonwealth of Puerto Rico — and suggested...
...The Puerto Rico governor plans to privatise the commonwealth’s troubled electric utility, months after the US territory was hit by the strongest storm to reach its shores in nearly a century....
...Puerto Rico files for record US debt restructuring Puerto Ricans in overwhelming vote for island to be 51st US state Ricardo Rosselló, Puerto Rico’s young governor...
...Puerto Rico files for record US debt restructuring Puerto Ricans in overwhelming vote for island to be 51st US state Ricardo Rosselló, Puerto Rico’s young governor The bulk of the Puerto Rican population...
...They were created in 2006 to help Puerto Rico borrow billions more. The two account for $31bn of Puerto Rico’s $74bn of bond obligations that will fall due over the next four decades....
...Puerto Rico governor Ricardo Rossello said he had sought to trigger a broad restructuring of the island’s debts on Wednesday, putting the US territory on trajectory for the largest bankruptcy-like proceeding...
...“We are here to address the problems of Puerto Rico, not to look at the past, and I am convinced that our island will be able to resume the path of economic development with the correct steps,” governor...
...A new chapter in Puerto Rico’s battle with creditors opens when the indebted US territory stares down a potential bankruptcy filing and the threat of dozens of lawsuits on Tuesday....
...The bankruptcy process that the Commonwealth of Puerto Rico is about to enter under Article III of the federal Promesa law adopted last year threatens an eternity of government cheese for the island’s people...
...Complicating restructuring talks is the tangled nature of Puerto Rico’s financial liabilities, which are a messy mix of “general obligation” bonds guaranteed by the commonwealth’s constitution, “Cofina”...
...Background briefing Puerto Rico’s Government Development Bank strikes deal on debt burden French select parliamentarians Voters in France will go to the polls for the first round of the legislative elections...
...Puerto Rico owes creditors roughly $69bn and has defaulted on a large swath of its debts since 2015, including bonds backed by the US commonwealth’s constitution....
...The market for Puerto Rico’s debt, in contrast, has hardly moved at all since Ricardo Rossello won the election for governor of the Caribbean island in November....
...“Governor [Alejandro] García Padilla is eager for the oversight board to meet so that Puerto Rico’s comprehensive debt restructuring process can move forward,” a spokesperson for governor’s office said....
...“A significant amount of bad news has been priced into the market and we’ve had a preview of how Puerto Rico thinks of these credits by the interest payments it has or has not been making,” says Peter Hayes...
...Puerto Rico has suffered a series of escalating defaults over the past year under governor Alejandro García Padilla, who is in his final months as the head of the US territory....
...A number of hedge funds sued the governor and Treasury secretary of Puerto Rico on Wednesday, claiming that they had violated key tenets of recently passed legislation meant to assist the island as it restructures...
...It is the part of the law advisers to Puerto Rico expect to rely on significantly to cut its debt....
...Puerto Rico has sought federal funding to better respond to the spread of Zika....
...Puerto Rico’s governor traveled to Washington this week to lobby for legislation that would give the US commonwealth more options to deal with its $70bn debt load ahead of a key deadline later this week....
International Edition