Friday, October 6, 2017

BAD IDEA: Trump Invokes Magic and Entrails to Clear Puerto Rico’s Massive Debt

President Trump went on his friend Sean Hannity’s show and told Geraldo Rivera that, regarding Puerto Rico’s massive $73 billion in defaulted debt, “you can wave goodbye to that.”
Facts have a way of making statements like that from the president seem far-fetched. For example:
  • Puerto Rico defaulted on its debt in 2016, which prompted Congress to pass a law called “Promesa,” giving the island territory bankruptcy protection that it did not have prior. 
  • Promesa requires Puerto Rico to submit to a Financial Oversight and Management Board in return for legal recourse to abrogate contracts and deal with creditors in a bankruptcy proceeding. 
  • When Governor Ricardo Rossello defied the Board’s recovery plan, Aurelius Capital sued, claiming the Board itself was “handpicked by individual members of Congress,” with no Senate confirmation, and essentially forced on President Obama last year.
Read the rest of the story HERE and follow links to related stories below:

Trump: “Wave goodbye” to Puerto Rico debt; Mulvaney: Not so fast

Mick Mulvaney walks back Trump's idea of forgiving Puerto Rico's debt

If you like what you see, please "Like" us on Facebook either here or here. Please follow us on Twitter here.

No comments: