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America’s Greece
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This editorial in the WSJ says Puerto Rico is a failed welfare state and has similiarities to the problem in Greece with a bloated public sector (25% of the workforce in the public sector). It points out that the benefits are generous even though the employment is shrinking by 14% since 2005, as 300,000 young people have left for the U.S. since 2005. Welfare benefits it points out are $1743 a month compared to $1159 for minimum wage work. Puerto Rico's Governor Alejandro Padilla says the $72 billion debt "is not payable." Debt is 100% of GNP. Three public pension funds and the Electric Power Authority face serious problems. To manage its finances Puerto Rico has taxed ever higher, increasing sales taxes to 11.5%. The editorial says Puerto Rico is ready for a Detroit style restructuring of the debt, and rewriting of labor and other contracts following the U.S. giving access to Chapter 9 bankruptcy to Puerto Rico, doing this with orderly restructuring.
Investor's in Puerto Rico bonds and the state's inability to pay $72 billion in debt in 2015
06/30/2015
Grouped Articles
Puerto Rico Urges Concessions From Creditors
Wall Street Journal 06/30/2015
Puerto Rico Governor Calls for Delay in Debt Payments for ‘Number of Years’
Wall Street Journal 06/30/2015
The Bonds That Broke Puerto Rico
New York Times 06/30/2015
Hedge Funds Fight to Save Puerto Rico Investments
New York Times 06/30/2015
Wall Street Journal 07/03/2015
Despair and Anger as Puerto Ricans Cope With Debt Crisis
New York Times 07/03/2015
Puerto Rico Electric Power Authority debt restructuring
07/02/2015
Grouped Articles
Puerto Rico Utility Makes Payments to Bondholders
Wall Street Journal 07/02/2015
Wall Street Journal 07/03/2015
Despair and Anger as Puerto Ricans Cope With Debt Crisis
New York Times 07/03/2015
Puerto Rico’s Power Authority Reaches Preliminary Pact with Bond Insurers
Wall Street Journal 12/19/2015
Puerto Rico Power Authority in Restructuring Deal With Creditors
Wall Street Journal 12/25/2015
How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico
New York Times 02/01/2016
Puerto Rico's credit ratings
12/13/2012
Grouped Articles
Wall Street Journal 10/08/2013
Banks Rack Up Big Fees From Puerto Rico Bond Deals
Wall Street Journal 10/23/2013
Yields on Puerto Rico Debt Hit High
Wall Street Journal 01/02/2014
$2 Billion Deal in Works for Puerto Rico
New York Times 01/21/2014
S&P Lowers Puerto Rico Debt to Junk Status
New York Times 02/04/2014
Puerto Rico Gets Break With Bonds
New York Times 03/10/2014
Puerto Rico's debt financing and the $61 billion in bonds issued since 2006
10/08/2013
About $1.4 billion was paid to banks for underwriting and other fees for the $61 billion in bonds issued since 2006, according to the WSJ review. Banks get higher fees because of a larger gross spread than even Detroit which announced bankruptcy recently. Much of the money raised goes back to finance earlier debt. Because Puerto is triple exempt from city, state and federal taxes and because of higher returns the bonds were oversubscribed by investors. Puerto Rico government officials say the 3.6 million residents do not pay federal taxes and the high debt financing does not burden taxpayers.
Grouped Articles
Banks Rack Up Big Fees From Puerto Rico Bond Deals
Wall Street Journal 10/23/2013
Yields on Puerto Rico Debt Hit High
Wall Street Journal 01/02/2014
$2 Billion Deal in Works for Puerto Rico
New York Times 01/21/2014
S&P Lowers Puerto Rico Debt to Junk Status
New York Times 02/04/2014
Puerto Rico Gets Break With Bonds
New York Times 03/10/2014
Puerto Rico Buys Some Time With Bond Sale
Wall Street Journal 03/12/2014
Puerto Rico's problems with its pension funds
11/26/2012
Grouped Articles
$2 Billion Deal in Works for Puerto Rico
New York Times 01/21/2014
Puerto Rico Gets Break With Bonds
New York Times 03/10/2014
Puerto Rico Buys Some Time With Bond Sale
Wall Street Journal 03/12/2014
Wall Street Journal 07/03/2015
Treasury Plan for Puerto Rico Favors Pensions Over Bondholders
New York Times 02/24/2016
Puerto Rico Races to Rescue Its Pension Fund
New York Times 11/26/2012
Voter demographics in U.S. in 2014- Changes in Florida with more Puerto Rican Hispanics in the Orlando area and the smaller significance of the Cuban Hispanic vote
12/17/2014
The Democratic Party sees the Puerto Rican vote in and around Orlando reducing the importance of the Cuban Hispanic vote in Florida. The opening of diplomatic relations with Cuba in Dec. 2014 comes as the embargo era refugees are now a smaller part of the Hispanic population with a shift to a younger generation with no memories of the Fidel Castro period. Marc Rubio, Menendez and Ted Cruz are Cuban American politicians in the U.S. Congress who oppose the opening to Cuba.
Grouped Articles
Change in Policy, Like Shift in Demographics, Could Alter Florida’s Political Map
New York Times 12/17/2014
Marco Rubio’s Immigrant Story, and an Aging Party in Search of a Spark
New York Times 05/07/2015
A Drive for Swing State Votes Has Colorado’s Latinos Listening
New York Times 05/26/2015
Wall Street Journal 07/03/2015
Marco Rubio and Ted Cruz Diverge in Approach to Their Hispanic Identity
New York Times 12/16/2015
Ted Cruz Plays Up Cuban Heritage Before Florida Primary
New York Times 03/09/2016
Puerto Rico- debt, credit ratings and borrowing costs
10/08/2013
Grouped Articles
Yields on Puerto Rico Debt Hit High
Wall Street Journal 01/02/2014
$2 Billion Deal in Works for Puerto Rico
New York Times 01/21/2014
S&P Lowers Puerto Rico Debt to Junk Status
New York Times 02/04/2014
Puerto Rico Gets Break With Bonds
New York Times 03/10/2014
Puerto Rico Buys Some Time With Bond Sale
Wall Street Journal 03/12/2014
Wall Street Journal 10/08/2013
Puerto Rico politics and government 2010-2015
02/13/2012
Grouped Articles
Wall Street Journal 10/08/2013
$2 Billion Deal in Works for Puerto Rico
New York Times 01/21/2014
Puerto Rico Gets Break With Bonds
New York Times 03/10/2014
Puerto Rico Buys Some Time With Bond Sale
Wall Street Journal 03/12/2014
Wall Street Journal 07/03/2015
Fortuño's Plan to Energize Puerto Rico
Wall Street Journal 02/13/2012
Puerto Rico's debt and public sector employees
06/30/2015
Grouped Articles
Profligate Puerto Rico on the Brink
Wall Street Journal 06/30/2015
Puerto Rico Urges Concessions From Creditors
Wall Street Journal 06/30/2015
Wall Street Journal 07/03/2015
Economist 07/11/2015
Treasury Plan for Puerto Rico Favors Pensions Over Bondholders
New York Times 02/24/2016
Puerto Rico's economy 2010-2014
02/13/2012
Grouped Articles
Wall Street Journal 10/08/2013
Banks Rack Up Big Fees From Puerto Rico Bond Deals
Wall Street Journal 10/23/2013
$2 Billion Deal in Works for Puerto Rico
New York Times 01/21/2014
S&P Lowers Puerto Rico Debt to Junk Status
New York Times 02/04/2014
Puerto Rico Gets Break With Bonds
New York Times 03/10/2014
Puerto Rico Buys Some Time With Bond Sale
Wall Street Journal 03/12/2014
The U.S. economy and contagion from Puerto Rico, Greece and China in 2015-2016
06/30/2015
Grouped Articles
China, Greece and Puerto Rico: Sickly But Not Yet Contagious
Wall Street Journal 06/30/2015
Greece’s Banks Give Eurozone Peers Glimpse Into Abyss
Wall Street Journal 06/30/2015
Wall Street Journal 07/03/2015
Economist 07/11/2015
Puerto Rico, Running Short of Cash, Misses a Debt Payment
New York Times 07/15/2015
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