Puerto Rico's Democrat Governor Says Their Municipal Bond Debts Are "Not Payable"

weaselzippers

U.S. taxpayers to the rescue!

Via NY Times

Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

The governor, Alejandro García Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the island’s creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment.

“The debt is not payable,” Mr. García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.”

It is a startling admission from the governor of an island of 3.6 million people, which has piled on more municipal bond debt per capita than any American state.

A broad restructuring by Puerto Rico sets the stage for an unprecedented test of the United States municipal bond market, which cities and states rely on to pay for their most basic needs, like road construction and public hospitals.

That market has already been shaken by municipal bankruptcies in Detroit; Stockton, Calif.; and elsewhere, which undercut assumptions that local governments in the United States would always pay back their debt.

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Thank You NYT and Dapandico.

1.3 Million Got Disability Payments For 'Mood Disorders' Including 33% of Beneficiaries In Puerto Rico.

Oh Noes!

Social Justice Sociologist Denounces "Bedtime Reading Privilege"

"But I’ve come to the conclusion that the West is unfairly advantaged by having so many sociologists, critical race theorists and social justice warriors. If we all deported them to poor countries, they could finally catch up to us in the field of social justice.

As much as it might pain us to lose these demented parasites respected academics, it’s the right thing to do. No longer will we enjoy our vast advantages in sociology and theories on gendered icebergs (yes it’s a thing). The rest of the world will now be able to benefit from having a declining economy and an academic environment that consists of crazy people denouncing others for thoughtcrimes."

Thank You Mr Greenfield.

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Psychiatrists in Puerto Rico.