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 Joy of Statism: Puerto Rico is in Economic Collapse But Things Could Get Even Worse

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Joy of Statism: Puerto Rico is in Economic Collapse But Things Could Get Even Worse Vide
PostSubject: Joy of Statism: Puerto Rico is in Economic Collapse But Things Could Get Even Worse   Joy of Statism: Puerto Rico is in Economic Collapse But Things Could Get Even Worse Icon_minitimeMon Jan 18, 2016 4:01 am
From a letter Treasury Secretary Jack Lew sent to congressional leadership on Friday:

Joy of Statism: Puerto Rico is in Economic Collapse But Things Could Get Even Worse La-perla

   Although there are many ways this crisis could escalate further, it is clear that Puerto Rico is
   already in the midst of an economic collapse...

   Puerto Rico is already in default. It is shifting funds from one creditor to pay another and has
   stopped payment altogether on several of its debts. As predicted, creditors are filing lawsuits.
   The Government Development Bank, which provides critical banking and fiscal services to the
   central government, only avoided depleting its liquidity by halting lending activity and sweeping
   in additional deposits from other Puerto Rico governmental entities. A large debt payment of
   $400 million is due on May 1, and a broader set of payments are due at the end of June.

   Puerto Rico has been shut out of the municipal bond market for more than two years and ran out
   of the funding sources traditionally used to finance government operations more than six months
   ago. In response to the crisis...

More:  http://www.economicpolicyjournal.com/2016/01/jack-lew-puerto-rico-is-in-economic.html
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