Home Mail MemberMap Chat (0) Wallpapers
Go Back   ChiefsPlanet > The Lounge > Washington DC & Vatican City

Reply
 
Thread Tools Display Modes
Old 04-24-2015, 10:50 AM  
banyon banyon is offline
Supporter
 
banyon's Avatar
 
Join Date: Aug 2005
Location: Dodge City, Kansas
Casino cash: $15126
Puerto Rico government to shut down

Puerto Rico officials warn government shutdown imminent
NEW YORK | BY EDWARD KRUDY
Wed Apr 22, 2015 7:50pm EDT Related: WORLD



(Reuters) - Puerto Rico's top finance officials said the government of the U.S. territory will likely shutdown in three months because of a looming liquidity crisis and warned of a devastating impact on the island's economy.

In a letter to leading lawmakers, including Governor Alejandro Padilla, the officials said a financing deal that could potentially salvage the government's finances currently looked unlikely to succeed. It warned of laying off government employees and reducing public services

"A government shutdown is very probable in the next three months due to the absence of liquidity to operate," the officials said. "The likelihood of completing a market transaction to finance the government's operations and keep the government open is currently remote."

The letter, dated April 21, was also sent to the heads of Puerto Rico's Senate and House as well as the governor. It was signed by the government's fiscal team, including the head of the Government Development Bank and the Treasury Secretary.

Puerto Rico, which has a total debt of more than $70 billion, is trying to raise $2.95 billion in financing, while pushing through unpopular tax reforms such as a higher value-added tax and increasing a levy on crude oil to help pay for it.

Puerto Rico is largely reliant on hedge funds for its financing needs. Those hedge funds have been pushing the government to carry out tax reforms to improve its fiscal position as a condition for providing extra financing.

Government bonds have been in steady decline in recent weeks as uncertainty grows over the prospects for the island of 3.6 million people. On Wednesday, its benchmark general obligation bonds traded at an average 79.982 cents on the dollar, close to an all-time low.

The warning also marks a new tone of urgency from officials, who have up to now remained publicly upbeat about the prospects for getting a financing deal by the middle of May.

"A government shutdown would have a devastating impact on the country's economy, with payroll and public service cuts, with a painful recovery and of a long duration," the officials said in the letter.

The government has used hardball tactics to browbeat recalcitrant lawmakers in the past. Padilla threatened to shutdown San Juan's public transport system in November if lawmakers refused to pass an increase in the crude oil tax.

That shutdown, which could have impacted 75,000 people, was ultimately avoided and lawmakers agreed to pass the tax rise.

(Additional reporting by Luc Cohen. Editing by Andre Grenon and Alan Crosby)

http://www.reuters.com/article/2015/...0ND2P620150422
Posts: 33,720
banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.banyon wants to die in a aids tree fire.
  Reply With Quote
Old 04-24-2015, 10:53 AM   #2
Rain Man Rain Man is offline
Vote Ermine for UND's Mascot
 
Rain Man's Avatar
 

Join Date: Jul 2001
Location: In A World Few See
Casino cash: $27679
VARSITY
Y'know, we haven't had an anarchy experiment in the world in 10,000 years. Maybe it's time to give it another shot.
__________________
Have you done your part to make the Ermine the new mascot of UND? http://und.edu/nickname/
Posts: 80,387
Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.Rain Man is obviously part of the inner Circle.
  Reply With Quote
Old 04-24-2015, 10:54 AM   #3
Cave Johnson Cave Johnson is offline
Andy the Big Reid Coach
 
Cave Johnson's Avatar
 

Join Date: Sep 2005
Location: E. Bumf***istan
Casino cash: $14888
Quote:
Originally Posted by Rain Man View Post
Y'know, we haven't had an anarchy experiment in the world in 10,000 years. Maybe it's time to give it another shot.
Somalia says hi!
Posts: 10,546
Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.Cave Johnson is too fat/Omaha.
  Reply With Quote
Old 04-24-2015, 10:59 AM   #4
cosmo20002 cosmo20002 is offline
Debunking your bullshit
 
cosmo20002's Avatar
 

Join Date: Aug 2002
Location: KC area
Casino cash: $41496
Thanks, Puerto Rican Obama equivalent
Posts: 23,606
cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.
  Reply With Quote
Old 04-24-2015, 10:59 AM   #5
Bowser Bowser is offline
walking on sunshine
 
Bowser's Avatar
 

Join Date: Jan 2004
Location: In Transition
Casino cash: $6168
In a clear case of irony, the recent lottery winner from Puerto Rico is looking forward to moving to North Dakota after claiming their winnings.
Posts: 55,239
Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.
  Reply With Quote
Old 04-24-2015, 11:13 AM   #6
WilliamTheIrish WilliamTheIrish is offline
Champion Golfer Of The Year
 
WilliamTheIrish's Avatar
 

Join Date: Aug 2001
Casino cash: $22932
I'll bet Sam Brownback could straighten out that mess.
Posts: 26,894
WilliamTheIrish has disabled reputation
  Reply With Quote
Old 04-24-2015, 11:18 AM   #7
KC native KC native is online now
Le@der of Meehecans
 
KC native's Avatar
 

Join Date: Feb 2009
Location: Fort Worth, TX
Casino cash: $34559
If you hold municipal bond funds, check their holdings.

Oppenheimer and Templeton have large slugs of Puerto Rican debt. Some of it is insured. Some of it isn't.
__________________
The diameter of your knowledge is the circumference of your actions. Ras Kass

Quote:
Originally Posted by Iowanian View Post
I'm just a little pussy from Iowa
Posts: 21,592
KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.KC native 's phone was tapped by Scott Pioli.
  Reply With Quote
Old 04-24-2015, 11:27 AM   #8
Prison Bitch Prison Bitch is online now
choking Simon Cowell
 
Prison Bitch's Avatar
 

Join Date: Nov 2012
Location: Lees summit
Casino cash: $42238
Quote:
Originally Posted by WilliamTheIrish View Post
I'll bet Sam Brownback could straighten out that mess.
Obama is much better at fiscal matters. He's the obvious choice to fix this mess
__________________
Jeremy mACLin
Posts: 19,072
Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.
  Reply With Quote
Old 04-24-2015, 11:27 AM   #9
WilliamTheIrish WilliamTheIrish is offline
Champion Golfer Of The Year
 
WilliamTheIrish's Avatar
 

Join Date: Aug 2001
Casino cash: $22932
Quote:
Originally Posted by Prison Bitch View Post
Obama is much better at fiscal matters. He's the obvious choice to fix this mess
I'd go with Sam.
Posts: 26,894
WilliamTheIrish has disabled reputation
  Reply With Quote
Old 04-24-2015, 11:30 AM   #10
BucEyedPea BucEyedPea is offline
BucPatriot
 
BucEyedPea's Avatar
 

Join Date: Apr 2006
Location: None of your business
Casino cash: $47036
Lucky bastards!
Posts: 63,835
BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.BucEyedPea is obviously part of the inner Circle.
  Reply With Quote
Old 04-24-2015, 11:34 AM   #11
Prison Bitch Prison Bitch is online now
choking Simon Cowell
 
Prison Bitch's Avatar
 

Join Date: Nov 2012
Location: Lees summit
Casino cash: $42238
I'd go with Obummer, he will redistribute and then regulate dat azz.....and boom! Recovery
__________________
Jeremy mACLin
Posts: 19,072
Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.
  Reply With Quote
Old 04-24-2015, 11:37 AM   #12
cosmo20002 cosmo20002 is offline
Debunking your bullshit
 
cosmo20002's Avatar
 

Join Date: Aug 2002
Location: KC area
Casino cash: $41496
Quote:
Originally Posted by Prison Bitch View Post
Obama is much better at fiscal matters. He's the obvious choice to fix this mess
If he can fix what George W inflicted, I'm sure he can handle whatever is going on in PR.
Posts: 23,606
cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.
  Reply With Quote
Old 04-24-2015, 11:39 AM   #13
WilliamTheIrish WilliamTheIrish is offline
Champion Golfer Of The Year
 
WilliamTheIrish's Avatar
 

Join Date: Aug 2001
Casino cash: $22932
Quote:
Originally Posted by Prison Bitch View Post
I'd go with Obummer, he will redistribute and then regulate dat azz.....and boom! Recovery
I'd go with Sam. He'd allow tourism to wither, but stop abortion. Boom!
Posts: 26,894
WilliamTheIrish has disabled reputation
  Reply With Quote
Old 04-24-2015, 11:43 AM   #14
Prison Bitch Prison Bitch is online now
choking Simon Cowell
 
Prison Bitch's Avatar
 

Join Date: Nov 2012
Location: Lees summit
Casino cash: $42238
Quote:
Originally Posted by WilliamTheIrish View Post
I'd go with Sam. He'd allow tourism to wither, but stop abortion. Boom!
Naw, Obummer would go down there and claim "brown lives matter". Boom! Recovery
__________________
Jeremy mACLin
Posts: 19,072
Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.Prison Bitch has an IQ even higher than Frankie's.
  Reply With Quote
Old 04-24-2015, 11:46 AM   #15
Just Passin' By Just Passin' By is offline
MVP
 
Just Passin' By's Avatar
 

Join Date: Feb 2009
Casino cash: $24882
Now, if the U.S. Federal Gov't would just follow suit...
Posts: 11,712
Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.Just Passin' By 's phone was tapped by Scott Pioli.
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump




All times are GMT -6. The time now is 09:05 AM.


This is a test for a client's site.
A new website that shows member-created construction site listings that need fill or have excess fill. Dirt Monkey @ https://DirtMonkey.net
Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2015, vBulletin Solutions, Inc.