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U.S. Virgin Islands Debt Issues

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joC
 joC
(@joC)
Active Member

Hi, so I am planning on moving here in a few months and I've been hearing a lot of what's going on in Puerto Rico and how they're in so much debt.

Is it the same way in the Virgin Islands?

I've been looking all over for news on this, but there is little in the papers. Please share me a few links if you do have some!

I'm just so worried because I'm moving here so soon, and I don't want to go to a place that might be facing some huge economic issues!

Thank you! 😀

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Topic starter Posted : January 11, 2016 8:23 pm
rotorhead
(@rotorhead)
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East Ender
(@east-ender)
Expert

" I don't want to go to a place that might be facing some huge economic issues!"

OOPS!! You may want to research the online papers: The St Thomas Source and the Virgin islands Daily News. We are in pretty dire financial straights, but I don't think anyone is about to call the note(s). Our illustrious legislature shuffles the (borrowed) money from there to here and raises taxes to stay one step ahead of the bill collectors...

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Posted : January 11, 2016 8:55 pm
ms411
(@ms411)
Expert

Our local papers, IMO, don't cover issues with much detail so you're better off checking financial analysis sites by googling something like Virgin Islands finances. A few financial firms issue reports from time to time.

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Posted : January 11, 2016 9:23 pm
CruzanIron
(@cruzaniron)
Expert

We are nowhere near PR in debt problems.

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Posted : January 11, 2016 11:13 pm
Scubadoo
(@Scubadoo)
Trusted Member

And we're rolling in the dough from the Hovensa sale:-)

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Posted : January 12, 2016 2:05 am
STTsailor
(@STTsailor)
Trusted Member

Even in bankrupt PR the life goes on and the sun is shining. Sales tax is now 11.5%. But regardless, people party like no tomorrow.

I don't know about the size of nepotism in PR comparing to VI but if gov Mapp lays off just half of his family members that are on gov payroll and relinquish his villa hotel rentals VI deficit will almost be resolved.

BTW the size of the gov here is amazing for the population of VI.

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Posted : January 12, 2016 8:32 am
speee1dy
(@speee1dy)
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that money from hovensa ought to last about a year, knowing the government

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Posted : January 12, 2016 10:41 am
Alana33
(@alana33)
Expert

Don't we have a $1.3 Billion Debt? Or is that just GERS?
The $200 Million coming in from Arclight would hardly make a dent but instead of paying down debt, budgeting, etc., our Government spends and increases debt.

Wonder who'll be benefiting from our Senators $1.5Million "slush fund" they received from signing off on Arclight deal?

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Posted : January 12, 2016 11:10 am
caribstx
(@caribstx)
Trusted Member

that money from hovensa ought to last about a year, knowing the government

The $200 million was spent years ago.

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Posted : January 12, 2016 11:21 am
joC
 joC
(@joC)
Active Member

Thank you everyone for all of your inputs!

I've been looking at how Mapp has been dealing with things, and that's what I was afraid of. It looks like little is being done to pay off their debts.

How much debt does the Virgin Islands really have? Because I'm reading Billions!

Where did you guys get that number?

Lol, sorry I want to be more knowledge about what's going on in my future home! 🙂

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Topic starter Posted : January 13, 2016 5:51 pm
speee1dy
(@speee1dy)
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caribstx-true

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Posted : January 13, 2016 5:55 pm
AandA2VI
(@AandA2VI)
Trusted Member

I have always kept my money in stateside banks. Never had 1 issue in three years with renting places, buying cars or whatever. So if thats the reason you might not move here - its pretty silly. We just need to get the crooks out of office... doubt if that'll ever happen without the feds taking over. I wonder - can any long term residents remember a time that we had a GOOD governor?

I use my chase sapphire credit card for everything - for travel rewards - and pay it off from my stateside bank every month. Its also beneficial to have a stateside bank for ME as I bill my website design clients via pay pal and I've heard of issues with business pay pal accounts with our local banks. I use "pay pal Here" for when I sell photo prints at events or art shows and that wont work with a USVI bank for sure. For the past year I didn't have a debit card - as it got "stolen" in that ring we had with people stealing the CC #s and my bank wouldn't ship my card here. My sister could have shipped it to me but I really didn't need it.

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Posted : January 13, 2016 6:13 pm
wanderer
(@wanderer)
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How much debt does the Virgin Islands really have? Because I'm reading Billions!

$2.4 billion, according to Bloomberg, which is a reputable business source:

http://www.bloomberg.com/news/videos/2015-03-04/it-is-not-all-fiscal-paradise-for-u-s-virgin-islands

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Posted : January 13, 2016 8:31 pm
ms411
(@ms411)
Expert

But where did Bloomberg get its figures? Nobody really knows for sure what the debt is, because the VI has never had a credible financial system with an unbroken paper trail.

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Posted : January 13, 2016 8:46 pm
caribstx
(@caribstx)
Trusted Member

The territories debt was discussed in depth about a year ago. The $2.4 Billion number sounds very familiar.

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Posted : January 13, 2016 8:52 pm
CruzanIron
(@cruzaniron)
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But where did Bloomberg get its figures? Nobody really knows for sure what the debt is, because the VI has never had a credible financial system with an unbroken paper trail.

The debt is due to amounts owed on bond sales, which is public information.

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Posted : January 13, 2016 9:03 pm
joC
 joC
(@joC)
Active Member

But where did Bloomberg get its figures? Nobody really knows for sure what the debt is, because the VI has never had a credible financial system with an unbroken paper trail.

The debt is due to amounts owed on bond sales, which is public information.

I wish these documents were available to the public though! Everything seems so secretive! Lol Even Bloomberg doesn't state it's actual source!

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Topic starter Posted : January 13, 2016 9:19 pm
wanderer
(@wanderer)
Trusted Member

There are no secrets here.
Here is the USVI budget for 2015 (really enjoyable read, 680+ pages):
http://www.usvifinance.info/html/Budget/2015%20FY%20Budget%20Document.pdf

From that document, according to my rough calculations, the long term debt is about $2B, which is close to the $2.4 reported by Bloomberg. I am not an accountant, so I missed the 0.4B somewhere.

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Posted : January 13, 2016 9:22 pm
ms411
(@ms411)
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I do not trust the VI government to have or report any true or accurate info.

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Posted : January 13, 2016 9:31 pm
Spartygrad95
(@Spartygrad95)
Trusted Member

No one is calling notes. Debt is an illusion. Go have a rum cocktail, hug your family and stop worrying about "debt"

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Posted : January 13, 2016 9:33 pm
IslandHops
(@IslandHops)
Trusted Member

... Debt is an illusion. Go have a rum cocktail, hug your family and stop worrying about "debt"

Tell that to the bank that holds my mortgage 8-)!

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Posted : January 14, 2016 3:20 pm
CruzanIron
(@cruzaniron)
Expert

I do not trust the VI government to have or report any true or accurate info.

Google is your friend

It's all available from other sources

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Posted : January 14, 2016 4:47 pm
Spartygrad95
(@Spartygrad95)
Trusted Member

... Debt is an illusion. Go have a rum cocktail, hug your family and stop worrying about "debt"

Tell that to the bank that holds my mortgage 8-)!

Touché. I meant Government debt. It obviously matters for us plebes

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Posted : January 14, 2016 4:56 pm
joC
 joC
(@joC)
Active Member

There are no secrets here.
Here is the USVI budget for 2015 (really enjoyable read, 680+ pages):
http://www.usvifinance.info/html/Budget/2015%20FY%20Budget%20Document.pdf

From that document, according to my rough calculations, the long term debt is about $2B, which is close to the $2.4 reported by Bloomberg. I am not an accountant, so I missed the 0.4B somewhere.

This has actually turned into a fun adventure! lol. Thank you so much! I'll see if I can find the missing $.4B (tu)

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Topic starter Posted : January 15, 2016 4:06 pm
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