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NYT's indepth report on Puerto Rico's debt- Governor Garcia Padilla of Puerto Rico and hedge funds in a battle over a bankruptcy bill in Congress
12/19/2015
The bankruptcy bill is stalled because of opposition from hedge funds who are financing many candidates in the 2016 presidential campaign, including that of Republican Marco Rubio, who had initially supported the bankruptcy bill. Padilla had courted hedge funds which invested heavily in the island nation of 3.5 million in the hope of higher returns approaching 20% because of tax exemptions. He is now facing opposition from the same hedge funds who would lose priority of payment in a bankruptcy. Paulson, Shaw and other hedge fund investors were drawn to Puerto Rico. In a situation reminiscent of Detroit, Puerto Rico is cutting back on healthcare, education and services to make bond payments on debt that is now about $70 billion. The debt has increased as a result of a shrinking economy with much of its manufacturing and pharmaceutical base lost, and young people leaving for the U.S. shriveling its tax base.
Grouped Articles
Inside the Billion-Dollar Battle for Puerto Rico’s Future
New York Times 12.19.2015
Puerto Rico Placed Under Bankruptcy Protection
WSJ 05.03.2017
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