Why is the American Media Ignoring Puerto Rico?

[longknife]

One report after another on the web indicates that the US territory is on the verge of being unable to pay its bills and declaring bankruptcy. So, what all the hooplah over Greece while totally ignoring one of our own? Because they're Americans and not foreigners?


In an interview on Telemundo yesterday, Puerto Rico Gov. Alejandro García Padilla threatened negative consequences for politicians in either party who are “passive” about giving them the privilege to declare Chapter 9. “Those who want the support of Puerto Ricans must help Puerto Rico now, not later,” he said. “Puerto Ricans decide the elections in Florida. That’s very important. By deciding the election in Florida, we can decide [who is the next] president of the United States.”


Notice the governor has to make his case on a Latin (Spanish) tv network. Where's the alphabet trio or CNN?


Read more @ A bankruptcy fix for Puerto Rico Hot Air

 

[Vigilante]

Simple...it's another FAILED Democratic OWNED property, as is Detroit, Chicago, Baltimore, etc.!

 

[waltky]

Congress pulls Puerto Rico's butt outta hock - again...

Relief and anger in Puerto Rico as Congress acts on debt
May 20,`16 -- After months of pleading from Puerto Rico's government, the U.S. Congress has agreed to help the territory restructure its massive public debt. But it comes at a steep cost: a degree of lost sovereignty with the imposition of a fiscal control board as well as a potential lower minimum wage for young workers on the island.

Those provisions in the bipartisan measure are aimed at staving off a chaotic wave of defaults on the island's $70 billion public debt. But they stoked some anger Thursday in Puerto Rico, where people have endured a decade of a steadily worsening economy and many resent the uneven relationship with the U.S. mainland. Yet the deal brought relief to others, who feel it could help Puerto Ricans rebuild the economy while providing sorely needed control over their government. "This should have been done a long time ago," said Jose Jeaudoin, a restaurant manager. "It's been proven for many years that Puerto Rico does not know how to run itself. Any time the government takes control over something, it doesn't work or it goes broke."

The bill calls for the creation of a seven-member control board appointed by Congress and the president that would oversee some court-ordered debt restructurings. It would also require Puerto Rico's government to submit budgets and create a plan to achieve fiscal responsibility and eventual access to financial markets. The board also would be responsible for maintaining the legal rights of creditors and shoring up pension shortfalls for an island whose public pension obligations are underfunded by more than $40 billion. U.S. law blocks Puerto Rico's public agencies and municipalities from declaring bankruptcy and restructuring debt under a judge's supervision. "The situation is desperate," said Valerie Franklin, a souvenir store owner. "Right now, we're just working to pay taxes. We're just surviving."

Supporters say the bill would help strengthen Puerto Rico's sputtering economy, which has stagnated in part since the end of U.S. tax breaks for manufacturers that set off a vicious downward economic spiral that in turn prompted hundreds of thousands of Puerto Ricans to move to the mainland. The House Natural Resources Committee could vote on the bill as early as next week. If approved, it would go to the full House and then move to the Senate. Some of the House's most conservative Republicans appear willing to support the deal, but senators have not said yet whether they will pass the House bill or write their own version. The goal is to pass the bill before Puerto Rico defaults on a $2 billion debt payment due July 1, the largest yet. The island already has missed three previous payments, including a $367 million one due earlier this month.

Gov. Alejandro Garcia Padilla said that if the bill is approved without any changes, it will protect Puerto Rico from any lawsuits following the anticipated July 1 default. But he intends to fight some of the bill's provisions, including the one that would set up a fiscal control board whose members, he noted, would not be elected by the public. "The board's powers are excessive," he said. "We have to keep fighting." Garcia envisions a board with a supervisory role that would allow Puerto Rico's government to have final say over its finances. He said the measure's current provisions "are not consistent with our country's basic democratic principles."

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