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A preview of what's to come for the USVI

 
rotorhead
(@rotorhead)
Trusted Member

Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’
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.”
http://www.nytimes.com/2015/06/29/business/dealbook/puerto-ricos-governor-says-islands-debts-are-not-payable.html?_r=0

The new Greece. Which by the way has announced that it's banks will not open on Monday.

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Topic starter Posted : June 29, 2015 1:55 am
divinggirl
(@divinggirl)
Trusted Member

This is awesome! Now I can just declare that my debts are "not payable" - it's just math!! Sweet - so do I start with the mortgage company or.....

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Posted : June 29, 2015 9:02 am
speee1dy
(@speee1dy)
Expert

listening to the vibe this morning, i guess at the 2016 budget hearing the auditor was lambasting the budget and making reference to all of the lavish lifestyle spending that happens in the executive branch of the vi government

it could happen here-the downfall

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Posted : June 29, 2015 11:47 am
IslandHops
(@IslandHops)
Trusted Member

This is awesome! Now I can just declare that my debts are "not payable" - it's just math!! Sweet - so do I start with the mortgage company or.....

You've got that option - it's called bankruptcy.

Bit more complex when a country (or territory) goes down that path.

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Posted : June 29, 2015 12:38 pm
Alana33
(@alana33)
Expert

Of course it screws up your credit for years. In the case of PR doing this, it has to have far reaching and long term repercussions in their ability to rebuild their economy. They're a risk.

Meanwhile, Mapp and his entourage continue to spend, spend, spend. Hope they're all enjoying their stay at the Ritz in NY.
No doubt all this travel is an excessive expense that the VI will bear the burden of paying.

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Posted : June 29, 2015 1:01 pm
CruzanIron
(@cruzaniron)
Expert

Of course it screws up your credit for years. In the case of PR doing this, it has to have far reaching and long term repercussions in their ability to rebuild their economy. They're a risk.

Meanwhile, Mapp and his entourage continue to spend, spend, spend. Hope they're all enjoying their stay at the Ritz in NY.
No doubt all this travel is an excessive expense that the VI will bear the burden of paying.

A Commonwealth cannot file for bankruptcy like a city or county in the US.

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Posted : June 29, 2015 1:07 pm
Alana33
(@alana33)
Expert

I did not know that but was relating bankruptcy more to divinggirl's comment.

In terms of PR not having the ability to repay debt, it will affect their ability to acquire bonds or loans, much less at reasonable interest rates.

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Posted : June 29, 2015 1:15 pm
CruzanIron
(@cruzaniron)
Expert

I did not know that but was relating bankruptcy more to divinggirl's comment.

In terms of PR not having the ability to repay debt, it will affect their ability to acquire bonds or loans, much less at reasonable interest rates.

Yep. And we are a few footsteps behind them. And the pensions will run out in 10 years or so.

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Posted : June 29, 2015 1:18 pm
DanielB_STX
(@DanielB_STX)
Advanced Member

A regular room at the Ritz goes for only $801 to $1260 per day with tax and you get no view either! Keep on spending.........there is no tomorrow.

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Posted : June 29, 2015 1:35 pm
Alana33
(@alana33)
Expert

Just heard on a news report that "PR's debt is $72 BILLION to US and mutual funds" and they're on a "death spiral!"
Scary.

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Posted : June 29, 2015 1:53 pm
vicanuck
(@vicanuck)
Expert

They are going to be in default by September. The CEO's of their public finance authority and electric utility both resigned last week, likely to avoid liability when the s**t hits the fan.

Couple a Puerto Rico default with the Greek tragedy currently playing out and you have the makings of a global financial meltdown.

It could happen this easily.

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Posted : June 29, 2015 3:09 pm
Alana33
(@alana33)
Expert

That's even more frightening!

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Posted : June 29, 2015 3:32 pm
monogram
(@monogram)
Advanced Member

Yet Mapp seems to have an affinity for the Ritz and private charter flights.

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Posted : June 29, 2015 7:15 pm
Alana33
(@alana33)
Expert

What else is new? He has always aspired to the high life.
Now, he can live it since we're paying for it.
IRB? Where are you?

Michael Malone as climate czar? Gimme: a break!
:-X(td)(td)(td)

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Posted : June 29, 2015 7:26 pm
AgentGarbo
(@AgentGarbo)
Active Member

Buy physical gold and silver! Debt system imploding world wide. IMF just said Greece debt can't be repaid and to be reassessed. Domino effect coming. Great chance to cast off elite Banksters regime and give power to the people! Default on your debt today! Get cash out of banks! Turn into food, physical precious metals. Global reset under way. Don't be scared. Be prepared! You don't want to be one of those Greeks desperate at the ATM!! No musical chair left for you to sit on!

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Posted : July 2, 2015 8:55 pm
Spartygrad95
(@Spartygrad95)
Trusted Member

Sweet. I may finally get to use the pitchfork I've been prepping for 25 years. My favorite chicken is Chicken Little.

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Posted : July 2, 2015 9:24 pm
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