Jam Crisis (Debts to Recover Book 9)

Bankruptcy Code and cannot file for bankruptcy. A federal statute that contributed to the crisis was the expiration of section of the U. Internal Revenue Code , which applied to Puerto Rico. The economy of the island was significantly reliant on the additional investment and spending generated by companies taking advantage of this provision, and has been unable to replace that benefit after its loss. Interest income paid to owners of bonds issued by the government of Puerto Rico and its subdivisions is exempt from federal, state, and local taxes so called "triple tax exemption".

Triple tax-exempt bonds are considered subsidized because bond issuers can offer a lower interest rate to satisfy bond holders; as a result, Puerto Rico can issue more debt. Each of these downgrades triggered several acceleration clauses which forced Puerto Rico to repay certain debt instruments within months rather than years.

Residents of Puerto Rico and local businesses are the parties most affected by government cuts and increased taxes imposed in order to stabilize the island's finances. Personal income taxes, corporate taxes, sales taxes, sin taxes, and taxes on insurance premiums were hiked or newly imposed.

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Retirement age for teachers was raised from as low as 47 to at least 55 for current teachers, and 62 for new teachers. The legislative assembly, together with the governor, also reduced operating deficits, and reformed the public employees', teachers', and judicial pension systems. The Governor promptly signed the bill the day after, effectively becoming law as Act 34 of Pub.

In June , Governor Padilla announced the Commonwealth was in a "death spiral" and "the debt is not payable. One month later, a report was published that rejected the need for debt restructuring. It was commissioned by a group of 34 hedge funds that specialize in distressed debt —sometimes referred to as vulture funds — who had hired economists with an IMF background.

Their report indicated that Puerto Rico has a fixable deficit problem, not a debt problem. It recommended improvements to tax collection and a reduction of public spending. The report made use of data of the Krueger Report and warned that the costs of default would be high. This plan would have a designated third party administer an account holding some of the island's tax collections and those funds would be used to pay holders of the superbond.

The existing Puerto Rican bondholders would take a haircut on the value of their current bond holdings. Several lawmakers—such as PPD-representative Manuel Natal —have proposed to audit Puerto Rico's debt to find out whether some of the debt was issued legally or not. That strategy has been used elsewhere in the United States and might likely be challenged by creditors.

According to Carl Meacham, Puerto Rico's financial problems are closely related to its ambiguous legal status under U.

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District Judge Francisco Besosa found the act was void because it was preempted by the U. Torruella concurring only in the judgment. Supreme Court in a vote of , with Justice Sonia Sotomayor dissenting. Puerto Rico or any of its political subdivisions and agencies cannot file for debt relief under Chapter 9, Title 11, United States Code because it applies only to municipalities on the mainland. In the US Senate, members submitted similar legislation in July , but neither bill was enacted. PROMESA enables the island's government to enter a bankruptcy-like restructuring process and halts litigation in case of default.

The task of the Oversight Board is to facilitate negotiations, or, if these fail, bring about a court-supervised process akin to a bankruptcy. The Board is also responsible for overseeing and monitoring sustainable budgets. The Commonwealth defaulted on many debts, including bonds, since We are taking steps to make bold reforms. What we are asking for is runway to establish these reforms and have Washington recognize that they have a role to play. With debt payments due, he faced the risk of a government shutdown. A moratorium on lawsuits by debtors was extended to May According to reliable sources, the company also explored the possibility of convincing insurers that had guaranteed some of the bonds against default to contribute more to the restructuring.

Puerto Rico has received authority from the federal government to reduce its debt with legal action and this may make creditors more willing to negotiate instead of becoming embroiled in a long and costly legal battle. By the end of February the Oversight Board's plan with its focus on repayment of debts was criticized by economists Joseph E. Stiglitz and Martin Guzman positing that the Board lacks "any understanding of basic economics and democratic accountability".

As soon as a court stay expired on May 2, , bondholders and a bond insurer sued the Commonwealth for full and timely debt repayment. From Wikipedia, the free encyclopedia. This section may lend undue weight to certain ideas, incidents, or controversies. Please help improve it by rewriting it in a balanced fashion that contextualizes different points of view. May Learn how and when to remove this template message.

In this case, a triple tax-free municipal bond—exempt from federal, state and local taxes—is highly attractive. In such event, it may be forced to take emergency measures. I would love to have an easier option. This is not politics, this is math. Archived from the original on February 22, Retrieved March 2, Puerto Rico Government Development Bank. Archived PDF from the original on April 22, Retrieved March 4, Retrieved May 5, Archived from the original on March 2, Archived from the original on February 10, Archived from the original on March 12, Retrieved March 12, La Perla del Sur in Spanish.

Archived from the original on February 27, The New York Times.

Archived from the original on May 6, Retrieved May 6, Archived from the original on May 4, Retrieved May 4, Archived from the original on July 15, Retrieved May 7, Archived from the original on December 5, Archived PDF from the original on March 7, Retrieved March 7, Archived from the original on February 6, Archived from the original on February 8, Retrieved 30 April El Vocero in Spanish.

Archived from the original on November 4, Retrieved September 19, Archived from the original on March 3, Retrieved March 3, Archived from the original on March 4, Archived PDF from the original on July 2, Retrieved July 19, Tradition and Budgets Collide". Archived from the original on May 7, Metro Puerto Rico in Spanish. Archived from the original on October 2, Retrieved September 29, Archived from the original on February 24, Retrieved February 20, Please allow 5 to 10 working days for dispatch, unless otherwise stated in the listing. However, in most cases we can dispatch the item considerably quicker.

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