ValueWalk:
Puerto Rico's Debt Downgraded By Moody's, Outlook Negative:
"Shift from "revenue enhancement and budget tightening" to moving burden to creditors to accept debt haircuts cited as reason"The Economist:
Puerto Rico’s debt crisis: Neither a state nor independent: "Puerto Rico’s woes stem from a mix of structural weaknesses, external shocks and self-inflicted wounds."
The Wall Street Journal:
Cash-Strapped Utility Drains Puerto Rico's Residents
______________________________________________________________________
Mike Nova comments (first published on 7.3.14):
The Island of Savagery, whose generally quite soft, sweet, sometimes charming and not very sophisticated people (but sometimes very sophisticated charmer-snakes too) allow themselves, as if they were indentured servants, serfs or slaves (too long of a collective cultural memory?!) to be ruled not by the government which has mostly
decorative role and function, but by their KGB. And sometimes not by theirs only but by the original one also: the Soviets, and now Russians
("According to the Federal Bureau of Investigation, Russian intelligence ..... has worked closely with Puerto Rican separatist and Latin American terrorist groups."),
and Cubans, and some others had Puerto Rico in their greedy sights and in their mischievous plans for quite a long time, probably since 1930-s; which is a very important although separate issue.
Puerto Rico Secret Police, the former notorious "Las Carpetas", is the pervasive and perverse, omnipresent and grandiosely-illusionary omnipotent, pathological malignant parasite in the Island's body and mind, stealing its blood and resources and poisoning, damaging and destroying it.
" ...the thousands of Puerto Ricans, largely pro-independence supporters... were spied upon by a commonwealth police intelligence unit. Over half a century the police unit built up a vast network of informers--everyday people like the victims themselves. Other governmental and private institutions also provided information for the files."
The political persecution of "Independistas" is largely in the past, the excesses and mistakes were present on both sides, now they are included in the political process and can express their views openly and participate in the political process in a non-violent, legal and constitutional way. However, they do not have much of a general support, just about 5% of the votes in the last referendum.
The interesting question is, what happened to PR Secret Police in this process, what kind of transformation they went through and what are they now? It is a fascinating subject for historical and political research. My impression is that they got stuck with the old primitive COINTELPRO methods and were almost imperceptibly subverted and converted by nationalists. I do not know much about it, would like to learn more and hopefully will.
The so called "Intelligence Units" (the official names for Secret Police divisions) apparently exist in almost all police departments in some way, shape or form, especially in the large ones. However, the styles and methods of their work might differ from each other significantly and are affected by particular local factors, traditions, attitudes and cultures.
With all my sincere (even if somewhat paradoxical and contradictory) sympathy for the Islanders, I want to say directly what my impressions are about some of their cultural attitudes which might be a part of their so called "national character" or collective mentality and psychology (and which in certain ways might affect police work also).
("According to the Federal Bureau of Investigation, Russian intelligence ..... has worked closely with Puerto Rican separatist and Latin American terrorist groups."),
and Cubans, and some others had Puerto Rico in their greedy sights and in their mischievous plans for quite a long time, probably since 1930-s; which is a very important although separate issue.
Puerto Rico Secret Police, the former notorious "Las Carpetas", is the pervasive and perverse, omnipresent and grandiosely-illusionary omnipotent, pathological malignant parasite in the Island's body and mind, stealing its blood and resources and poisoning, damaging and destroying it.
" ...the thousands of Puerto Ricans, largely pro-independence supporters... were spied upon by a commonwealth police intelligence unit. Over half a century the police unit built up a vast network of informers--everyday people like the victims themselves. Other governmental and private institutions also provided information for the files."
The political persecution of "Independistas" is largely in the past, the excesses and mistakes were present on both sides, now they are included in the political process and can express their views openly and participate in the political process in a non-violent, legal and constitutional way. However, they do not have much of a general support, just about 5% of the votes in the last referendum.
The interesting question is, what happened to PR Secret Police in this process, what kind of transformation they went through and what are they now? It is a fascinating subject for historical and political research. My impression is that they got stuck with the old primitive COINTELPRO methods and were almost imperceptibly subverted and converted by nationalists. I do not know much about it, would like to learn more and hopefully will.
The so called "Intelligence Units" (the official names for Secret Police divisions) apparently exist in almost all police departments in some way, shape or form, especially in the large ones. However, the styles and methods of their work might differ from each other significantly and are affected by particular local factors, traditions, attitudes and cultures.
With all my sincere (even if somewhat paradoxical and contradictory) sympathy for the Islanders, I want to say directly what my impressions are about some of their cultural attitudes which might be a part of their so called "national character" or collective mentality and psychology (and which in certain ways might affect police work also).
This is a Non-Culture of Cheating, Deceit and Extortion as the way of life, mentality and as the most popular sport on all levels, from the top to the bottom; and closer it is to the top, the more entrenched, institutionalized, vicious and brazen these qualities are.
These stories with "Creole Bankruptcy Law" and Doral Bank are the illustrations and the cases in point. This is not a "buccaneering spirit", this is the primitive, predatory, criminal robber psychology combined with deep infantile dependency needs (by the way, this trait - the general infantilism, might be one of the reasons why child abuse of various types is so widespread on the Island), or in common parlance, a "sucker mentality" (maybe in reverse, but essentially the same: those who want to take others for "suckers" are "suckers" themselves - this is their mindset and modus operandi).
This seems to be the prevailing political mentality of currently ruling PPD.
To expect and to force the"creditors to accept debt haircuts" is an example of this. This type of uncivilized and inappropriate political-economic behavior (I do not know, where else this is practiced, outside the realm of the "Creole" mentality and traditions) shattered the creditors' trust and essentially cut off all future lines of credit.
Is this not practically suicidal? The situation is very difficult but the wiser solutions could be found. The point is that the economic solutions cannot be divorced from the political ones. PPD does not want to see this. They are stubbornly stuck with their unrealistic childish demands. They want to practice their brand of "Caribbean Socialism" and expect that the party performed on borrowed money and borrowed time will go on forever. Will not happen.
"Puerto Rico must come up with a new strategy; what has been done so far hasn’t worked…and won’t", warns the notable economist Robert Shapiro.
"To restore growth and raise living standards, it is critically important for policymakers to expand efforts to marshal the Island's considerable strengths - a bilingual and well-educated adult population, an open economy occupying a central position in the Caribbean, a wide experience as a host to multinational corporations, and close ties to the U.S. mainland economy."
But the Big Business will never come to Puerto Rico (temporary tax incentives are long over and there is nothing enticing on a horizon except huge investment risks) unless its political status is solved and there is a political stability here, namely: the Statehood. The similar case is with the military presence: it means jobs and prosperity; to reject it is to tighten the noose around your necks, not mentioning the moral issues and the simple, elementary decency as the U.S. citizens, and obligations and gratitude to your defenders.
Some further points on socio-cultural attitudes of some Islanders. They are quite fearful and insecure and project their fear and insecurity unto others. They are insularly "claustrophilic" and deeply, consciously and unconsciously xenophobic, fearing foreigners and "others" who, as they feel might threaten or destroy the little, archaic, stuck in the past existence of theirs and their way of life.
This seems to be the prevailing political mentality of currently ruling PPD.
To expect and to force the"creditors to accept debt haircuts" is an example of this. This type of uncivilized and inappropriate political-economic behavior (I do not know, where else this is practiced, outside the realm of the "Creole" mentality and traditions) shattered the creditors' trust and essentially cut off all future lines of credit.
Is this not practically suicidal? The situation is very difficult but the wiser solutions could be found. The point is that the economic solutions cannot be divorced from the political ones. PPD does not want to see this. They are stubbornly stuck with their unrealistic childish demands. They want to practice their brand of "Caribbean Socialism" and expect that the party performed on borrowed money and borrowed time will go on forever. Will not happen.
"Puerto Rico must come up with a new strategy; what has been done so far hasn’t worked…and won’t", warns the notable economist Robert Shapiro.
"To restore growth and raise living standards, it is critically important for policymakers to expand efforts to marshal the Island's considerable strengths - a bilingual and well-educated adult population, an open economy occupying a central position in the Caribbean, a wide experience as a host to multinational corporations, and close ties to the U.S. mainland economy."
But the Big Business will never come to Puerto Rico (temporary tax incentives are long over and there is nothing enticing on a horizon except huge investment risks) unless its political status is solved and there is a political stability here, namely: the Statehood. The similar case is with the military presence: it means jobs and prosperity; to reject it is to tighten the noose around your necks, not mentioning the moral issues and the simple, elementary decency as the U.S. citizens, and obligations and gratitude to your defenders.
Some further points on socio-cultural attitudes of some Islanders. They are quite fearful and insecure and project their fear and insecurity unto others. They are insularly "claustrophilic" and deeply, consciously and unconsciously xenophobic, fearing foreigners and "others" who, as they feel might threaten or destroy the little, archaic, stuck in the past existence of theirs and their way of life.
They do not like and resent America intensely and just as intensely, eagerly, insatiably suck America's milk, with vengeance and the sense of entitlement; they want to be "independent" but to retain all the benefits and to continue getting the "special treatment".
The best, most simple, natural and healthy, and the most realistic and only true Independence for Puerto Rico is the Statehood, when the individual liberties, freedoms and equal opportunities and social, political and economic fairness and justice will be guaranteed by the great America; that's where the true independence starts: in our minds and souls. And that's what the people of Puerto Rico clearly voted for in their collective wisdom. The alternative is a social and political catastrophe: widespread abject poverty, social unrest and disorder and inevitable destructive Haitization of the Island.
I believe that Puerto Rico will eventually become one of the USA states; I also believe that it will not be a (shameful and shameless) police state, as it is now. These two entities are incompatible.
The best, most simple, natural and healthy, and the most realistic and only true Independence for Puerto Rico is the Statehood, when the individual liberties, freedoms and equal opportunities and social, political and economic fairness and justice will be guaranteed by the great America; that's where the true independence starts: in our minds and souls. And that's what the people of Puerto Rico clearly voted for in their collective wisdom. The alternative is a social and political catastrophe: widespread abject poverty, social unrest and disorder and inevitable destructive Haitization of the Island.
I believe that Puerto Rico will eventually become one of the USA states; I also believe that it will not be a (shameful and shameless) police state, as it is now. These two entities are incompatible.
They jealously guard their Island from others and in the process and as the result lose the whole big World. They have nothing to offer and nothing to gain from the age of Globalization at this point.
This story is not only and not as much about the financial bankruptcy that the Island is facing but also about the bankruptcy political, social, historical and cultural.
Generally speaking, PPD is thought of as affiliated with the U.S. Democratic Party. I do not know what they really have in common with it: Garcia is openly shunned and dissed by the U.S. Democratic Party politicians, PPD ideology stems from and is based on the outdated precepts of "national liberation movements", this is a leftist nationalist socialist party, from which historically it came from.
"Dissidents expelled from the Liberal Party of Puerto Rico (then led by Antonio R. Barceló), founded the PPD in 1938.[2] Many of them were part of the old socialist movement of Puerto Rico."
Apparently, these socialist credentials, thinking and tendencies were further strengthened with the influx of former members of the Puerto Rican Socialist Party after its demise:
"The PSP was formally disbanded in 1993. Some of its members went to collaborate with the Popular Democratic Party (PDP)..."
"Dissidents expelled from the Liberal Party of Puerto Rico (then led by Antonio R. Barceló), founded the PPD in 1938.[2] Many of them were part of the old socialist movement of Puerto Rico."
Apparently, these socialist credentials, thinking and tendencies were further strengthened with the influx of former members of the Puerto Rican Socialist Party after its demise:
"The PSP was formally disbanded in 1993. Some of its members went to collaborate with the Popular Democratic Party (PDP)..."
They may have any ideology or any theoretical economic thinking they wish, unless it is anti-American, anti American government, totalitarian, violent, fanatical, fascist-inhumane or similar type of evil mentality, and unfortunately some fanatically nationalistic, violent and anti-American trends and actions were present in recent history of Puerto Rico. The issues of national identity are quite complex matters. Puerto Rican's national identity and their identity as Americans can and should be the harmonious organic whole, without much ambivalence and controversy.
Americans in general are very, exceptionally tolerant people, and naturally so. They always respect other people's thinking and views, even if they do not agree with them or if these views feel foreign to them. And they are very careful about not being prejudiced and not putting labels on others. I personally do not see anything particularly wrong with free thinking, but it should include at least some real and hopefully good thinking to be really "free".
The problem in this case is that PPD leadership are not good and efficient managers, regardless of their ideology, or that's how they look and act.
The problem with borrowing was piling up for decades, this is truth, and all recent Island administrations contributed into it.
The "Creole Bankruptcy Law" provides, as some economists, including Sergio M. Marxuach of CNE argue, for at least some orderly way of dealing with this crisis, that's might be to a certain degree and extent the truth also.
"The law for the reorganization of public corporations is not perfect but provides an orderly, logical process, and well structured to reduce the burden of debt service. We can not continue sacrificing our public services to meet the golden calf of the bondholders."
But the point is, it seems to me, about the trust, honesty and government's responsibility in meeting its obligations without deception or hidden intent to shift the burden to others, in this case, the lenders.
Recently, some anti-climatic news came:
"Lenders Agreed to Give Puerto Rico Electric Power Authority More Time to Repay Debt - NYT",
and President Obama and Congress directed the Treasury Department "to provide technical assistance to Puerto Rico to stabilize and strengthen their public financial management and financial management systems."
"Investment funds, managed by Franklin Templeton Investments and OppenheimerFunds, have filed a lawsuit against the Puerto Rico government in federal court, arguing that only Congress can create bankruptcy laws."
I think that the solution of PR political status is in clear identification, delineation and affiliation and true, unequivocal alignments of political parties in Puerto Rico.
The U.S. Republican and Democratic Parties should establish their direct, firm and robust presence on the Island as their branches, not just for representations at the Parties' conventions, and should compete directly and aggressively with both PPD and PNP for membership and votes and/or absorb them. Eventually they should become the main political parties in Puerto Rico.
Essentially, what it comes down to is the deadly fear of local elites, of all political colorings (they all are basically the same cozy bunch), of losing their political and economic powers, which are incestuously intermixed and cemented by corruption, and to their struggle for survival. The political schizophrenia with regard to the mainland parties' affiliations is a very convenient device for them in this struggle, device hypocritical and sneaky, as it is consistent with their general style (in their habitual passive-aggressive but quite a refined way), it serves to diffuse, neuter and neutralize the U.S. power; and they are most determined and very much invested in maintaining this schizophrenia, even if they might not be aware of this themselves. Cutting through this schizophrenic Gordian knot is the first step towards achieving some semblance of political health on the Island.
The U.S. Congress should send a very clear and unequivocal message: Puerto Rico is the American territory and will always remain as such (until and unless it becomes a state); it is too strategically important to give it up.
American big business should establish a much broader presence on the Island, the incentives should be created for mass migration to the Island of skilled workforce.
English should become a bone fide second or first language, its use in all interactions and official documentations should be officially mandated.
A program of bi-cultural and bilingual integration should be thought out and implemented.
Puerto Rico will not become a state in one day or one year, it will take a lot of preparation and work, presently the Island is not quite ready for it.
This work has to start, in a very systematic and carefully thought out way.
And these are my observations and impressions, and this is my opinion. More details will follow later.
Americans in general are very, exceptionally tolerant people, and naturally so. They always respect other people's thinking and views, even if they do not agree with them or if these views feel foreign to them. And they are very careful about not being prejudiced and not putting labels on others. I personally do not see anything particularly wrong with free thinking, but it should include at least some real and hopefully good thinking to be really "free".
The problem in this case is that PPD leadership are not good and efficient managers, regardless of their ideology, or that's how they look and act.
The problem with borrowing was piling up for decades, this is truth, and all recent Island administrations contributed into it.
The "Creole Bankruptcy Law" provides, as some economists, including Sergio M. Marxuach of CNE argue, for at least some orderly way of dealing with this crisis, that's might be to a certain degree and extent the truth also.
"The law for the reorganization of public corporations is not perfect but provides an orderly, logical process, and well structured to reduce the burden of debt service. We can not continue sacrificing our public services to meet the golden calf of the bondholders."
But the point is, it seems to me, about the trust, honesty and government's responsibility in meeting its obligations without deception or hidden intent to shift the burden to others, in this case, the lenders.
Recently, some anti-climatic news came:
"Lenders Agreed to Give Puerto Rico Electric Power Authority More Time to Repay Debt - NYT",
and President Obama and Congress directed the Treasury Department "to provide technical assistance to Puerto Rico to stabilize and strengthen their public financial management and financial management systems."
"The U.S. Department of the Treasury has made clear that it is not considering a direct bailout for Puerto Rico as the island works to shore up its finances.
The Federal Reserve, meanwhile, has been keeping a close eye on Puerto Rico as it gauges risk levels in the $3.7 trillion U.S. municipal bond market. However, the central bank has little recourse to step in to help Puerto Rico.
The White House has already dispatched federal advisers to concentrate on three fronts: fiscal strategy, optimization of federal funding, and economic development."
The arguments were presented for privatization and modernization of PREPA:
"Unless the operation of Prepa's generating plants is contracted to private enterprise, with a requirement to convert to natural gas as soon as feasible, the high cost of energy will be with us for quite a long time! The Governor, the House and Senate have all failed to serve the people."
The questions about the link between Puerto Rico economic status and its political status do persist and they have to be addressed. The creditors lawsuit strikes at the very heart of this issue and raises the constitutional questions at the intersection of PR political and economic situation. "Unless the operation of Prepa's generating plants is contracted to private enterprise, with a requirement to convert to natural gas as soon as feasible, the high cost of energy will be with us for quite a long time! The Governor, the House and Senate have all failed to serve the people."
"Investment funds, managed by Franklin Templeton Investments and OppenheimerFunds, have filed a lawsuit against the Puerto Rico government in federal court, arguing that only Congress can create bankruptcy laws."
"The lawsuit claims the law “violates multiple provisions of the federal Constitution”...
Under the U.S. Bankruptcy Code, Puerto Rico is treated like a state, which also are not eligible for Chapter 9 protection."
These events is another indication that political status of Puerto Rico demands a solution, and the sooner the better.I think that the solution of PR political status is in clear identification, delineation and affiliation and true, unequivocal alignments of political parties in Puerto Rico.
The U.S. Republican and Democratic Parties should establish their direct, firm and robust presence on the Island as their branches, not just for representations at the Parties' conventions, and should compete directly and aggressively with both PPD and PNP for membership and votes and/or absorb them. Eventually they should become the main political parties in Puerto Rico.
Essentially, what it comes down to is the deadly fear of local elites, of all political colorings (they all are basically the same cozy bunch), of losing their political and economic powers, which are incestuously intermixed and cemented by corruption, and to their struggle for survival. The political schizophrenia with regard to the mainland parties' affiliations is a very convenient device for them in this struggle, device hypocritical and sneaky, as it is consistent with their general style (in their habitual passive-aggressive but quite a refined way), it serves to diffuse, neuter and neutralize the U.S. power; and they are most determined and very much invested in maintaining this schizophrenia, even if they might not be aware of this themselves. Cutting through this schizophrenic Gordian knot is the first step towards achieving some semblance of political health on the Island.
The U.S. Congress should send a very clear and unequivocal message: Puerto Rico is the American territory and will always remain as such (until and unless it becomes a state); it is too strategically important to give it up.
American big business should establish a much broader presence on the Island, the incentives should be created for mass migration to the Island of skilled workforce.
English should become a bone fide second or first language, its use in all interactions and official documentations should be officially mandated.
A program of bi-cultural and bilingual integration should be thought out and implemented.
Puerto Rico will not become a state in one day or one year, it will take a lot of preparation and work, presently the Island is not quite ready for it.
This work has to start, in a very systematic and carefully thought out way.
And these are my observations and impressions, and this is my opinion. More details will follow later.
___________________________________________________________
Barron's
Moody's Investors Service this afternoon dealt a blow to Puerto Rico's effort to preserve the credit standing of the central government with a surprisingly broad downgrade of every major Puerto Rican debt issuer. All Puerto Rican bond issuers now have ...
CNNMoney
The law's passage again raised fears thatPuerto Rico, still groaning under roughly $70 billion in debt, is inching closer to default. General obligation debt is supposed to be fenced-off from any lower-level restructuring efforts, but the market isn't ...
New York Times
Puerto Rico's electrical utility is running out of money and time to negotiate a deal with its lenders, part of a broad reckoning for an island that relies on Wall Street to finance some of its most basic functions. The Puerto Rico Electric Power ...
Wall Street Journal (blog)
Some bonds backed by Puerto Rico sales taxes plummeted more than 14% on Wednesday, as a new law in the commonwealth and subsequent credit-rating downgrade have pushed investors into dumping the debt. Tipping Wednesday's sell-off, Moody's on ...
Mike Nova's Shared NewsLinks Review
From The Major News Sources
» Puerto Rico governor signs $9.56 billion budget for 2015
03/07/14 13:23 from Mike Nova's Shared Newslinks
mikenova shared this story . SAN JUAN Tue Jul 1, 2014 3:51pm EDT SAN JUAN (Reuters) - Puerto Rico Governor Alejandro Garcia Padilla on Tuesday signed a $9.56 billion budget for 2015, a blueprint that cuts spending by $200 million from th...
03/07/14 13:23 from Mike Nova's Shared Newslinks
mikenova shared this story . SAN JUAN Tue Jul 1, 2014 3:51pm EDT SAN JUAN (Reuters) - Puerto Rico Governor Alejandro Garcia Padilla on Tuesday signed a $9.56 billion budget for 2015, a blueprint that cuts spending by $200 million from th...
» Puerto Rico’s Status: What’s Best for the U.S.?
03/07/14 13:21 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. A majority of Puerto Rico’s “Commonwealth” party senators has proposed a new version of the Commonwealth status proposal which has been rejected in the pas...
03/07/14 13:21 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. A majority of Puerto Rico’s “Commonwealth” party senators has proposed a new version of the Commonwealth status proposal which has been rejected in the pas...
» Commonwealth Enacting Bankruptcy Law for Some of its Agencies in One Day Despite Gov’s Full Payment Pledge
03/07/14 13:19 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. Puerto Rico’s Senate this afternoon passed a bill proposed by Governor Alejandro Garcia Padilla (“Commonwealth”) this morning to enable a number of the territory’...
03/07/14 13:19 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. Puerto Rico’s Senate this afternoon passed a bill proposed by Governor Alejandro Garcia Padilla (“Commonwealth”) this morning to enable a number of the territory’...
» Commonwealthers Propose Nation with U.S. Benefits
03/07/14 13:18 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. A majority of the ‘Commonwealth’ party majority of Puerto Rico’s Senate has proposed a definition of a new ‘Commonwealth’ political status (see below). The...
03/07/14 13:18 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. A majority of the ‘Commonwealth’ party majority of Puerto Rico’s Senate has proposed a definition of a new ‘Commonwealth’ political status (see below). The...
» Governor Says He’ll Sue National Bond Analysts, Challenges Them to Run for Office in Puerto Rico
03/07/14 13:15 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. Puerto Rico Governor Alejandro Garcia Padilla late yesterday said that he had directed the Secretary of Justice to sue national government credit rating agency Moody’s after it do...
03/07/14 13:15 from Mike Nova's Shared Newslinks
mikenova shared this story from Puerto Rico Report. Puerto Rico Governor Alejandro Garcia Padilla late yesterday said that he had directed the Secretary of Justice to sue national government credit rating agency Moody’s after it do...
» Pierluisi: "Poco le dijo Moody's al Gobierno de AGP" - YouTube
03/07/14 13:14 from Mike Nova's Shared Newslinks
mikenova shared this story . Published on Jul 2, 2014 Pedro Pierluisi, gobierno de Alejandro Garcia Padilla PPD es uno Irresponsable gastan más de $800 Millones en su primer presupuesto, patentazo nacional, quiebra criolla mal hecho...
03/07/14 13:14 from Mike Nova's Shared Newslinks
mikenova shared this story . Published on Jul 2, 2014 Pedro Pierluisi, gobierno de Alejandro Garcia Padilla PPD es uno Irresponsable gastan más de $800 Millones en su primer presupuesto, patentazo nacional, quiebra criolla mal hecho...
» Cash-Strapped Utility Drains Puerto Rico's Residents
03/07/14 13:11 from Mike Nova's Shared Newslinks
mikenova shared this story . July 2, 2014 7:57 p.m. ET Francisco Esteves says his electricity bills were as high as $470 a month. José Jiménez-Tirado for the Wall Street Journal SAN JUAN, Puerto Rico—To lower his electric...
03/07/14 13:11 from Mike Nova's Shared Newslinks
mikenova shared this story . July 2, 2014 7:57 p.m. ET Francisco Esteves says his electricity bills were as high as $470 a month. José Jiménez-Tirado for the Wall Street Journal SAN JUAN, Puerto Rico—To lower his electric...
» Departamento de Justicia prepara su artillería contra Moodys
03/07/14 13:09 from Mike Nova's Shared Newslinks
mikenova shared this story . El secretario de Justicia, César Miranda, reconoció que el gobierno de Puerto Rico incurrirá en costos altísimos por concepto de pago de abogados y peritos para las demandas qu...
03/07/14 13:09 from Mike Nova's Shared Newslinks
mikenova shared this story . El secretario de Justicia, César Miranda, reconoció que el gobierno de Puerto Rico incurrirá en costos altísimos por concepto de pago de abogados y peritos para las demandas qu...
» A Look at the Chikungunya Virus in the Caribbean
03/07/14 13:09 from Mike Nova's Shared Newslinks
mikenova shared this story from ABC News: Technology. A look at the inroads by the chikungunya virus in Latin America and the Caribbean: — WHAT IT IS: The name chikungunya comes from the Makonde language of Tanzania. It translates ...
03/07/14 13:09 from Mike Nova's Shared Newslinks
mikenova shared this story from ABC News: Technology. A look at the inroads by the chikungunya virus in Latin America and the Caribbean: — WHAT IT IS: The name chikungunya comes from the Makonde language of Tanzania. It translates ...
» Virus strikes hard in Haiti’s crowded shantytowns
03/07/14 13:08 from Mike Nova's Shared Newslinks
mikenova shared this story . PORT-AU-PRINCE, Haiti — Within a dense cluster of flimsy shacks made mostly of plastic tarp and wooden planks, a young mother cradles her sick, whimpering toddler while trying to guard against a fierce ...
03/07/14 13:08 from Mike Nova's Shared Newslinks
mikenova shared this story . PORT-AU-PRINCE, Haiti — Within a dense cluster of flimsy shacks made mostly of plastic tarp and wooden planks, a young mother cradles her sick, whimpering toddler while trying to guard against a fierce ...
» Puerto Rico’s Lifeblood Choked Off as Credit Access Ends
03/07/14 13:07 from Mike Nova's Shared Newslinks
mikenova shared this story . No state or city with a credit rating as low as Puerto Rico ’s has been able to access bond markets since at least 1990, a situation that may cut off the lifeblood of the commonwealth’s finances. ...
03/07/14 13:07 from Mike Nova's Shared Newslinks
mikenova shared this story . No state or city with a credit rating as low as Puerto Rico ’s has been able to access bond markets since at least 1990, a situation that may cut off the lifeblood of the commonwealth’s finances. ...
» El virus chikungunya golpea a los pobres de Haití – Metro
03/07/14 13:06 from Mike Nova's Shared Newslinks
mikenova shared this story from Metro - Últimas noticias. PUERTO PRÍNCIPE, Haití (AP) — En un enmarañado conjunto de endebles chozas hechas principalmente de lonas de plástico y planchas de madera, una joven mad...
03/07/14 13:06 from Mike Nova's Shared Newslinks
mikenova shared this story from Metro - Últimas noticias. PUERTO PRÍNCIPE, Haití (AP) — En un enmarañado conjunto de endebles chozas hechas principalmente de lonas de plástico y planchas de madera, una joven mad...
» Virus strikes hard in Haiti's crowded shantytowns
03/07/14 13:04 from Mike Nova's Shared Newslinks
mikenova shared this story . PORT-AU-PRINCE, Haiti (AP) — Within a dense cluster of flimsy shacks made mostly of plastic tarp and wooden planks, a young mother cradles her sick, whimpering toddler while trying to guard against a fi...
03/07/14 13:04 from Mike Nova's Shared Newslinks
mikenova shared this story . PORT-AU-PRINCE, Haiti (AP) — Within a dense cluster of flimsy shacks made mostly of plastic tarp and wooden planks, a young mother cradles her sick, whimpering toddler while trying to guard against a fi...
» Puerto Rico Hits Back | Financial Planning
03/07/14 13:03 from Mike Nova's Shared Newslinks
mikenova shared this story . Portfolio - Mutual Funds Puerto Rico Hits Back by: Robert Slavin Thursday, July 3, 2014 Print Email Reprints in Share 0 Partner Insights What's this? SourceMedia's Partner Insights program enables marketers t...
03/07/14 13:03 from Mike Nova's Shared Newslinks
mikenova shared this story . Portfolio - Mutual Funds Puerto Rico Hits Back by: Robert Slavin Thursday, July 3, 2014 Print Email Reprints in Share 0 Partner Insights What's this? SourceMedia's Partner Insights program enables marketers t...
» Haiti Extremely Susceptible To Quick Spreading, Deadly U.S. Virus : News : Headlines & Global News
03/07/14 13:02 from Mike Nova's Shared Newslinks
mikenova shared this story from Headlines & Global News : Top News. By Rebeka Silva r.silva@hngn.com | Jul 03, 2014 03:10 AM EDT Marqui Ducarme is aided by his wife after contracting the Chikungunya virus at his home in Port-au-P...
03/07/14 13:02 from Mike Nova's Shared Newslinks
mikenova shared this story from Headlines & Global News : Top News. By Rebeka Silva r.silva@hngn.com | Jul 03, 2014 03:10 AM EDT Marqui Ducarme is aided by his wife after contracting the Chikungunya virus at his home in Port-au-P...
» Puerto Rico's Debt Downgraded By Moody's, Outlook Negative
03/07/14 12:58 from Mike Nova's Shared Newslinks
mikenova shared this story from Comments on: Moody’s Wacks Puerto Rico’s Debt, Outlook Negative. Shift from "revenue enhancement and budget tightening" to moving burden to creditors to accept debt haircuts cited as reason Moody’s I...
03/07/14 12:58 from Mike Nova's Shared Newslinks
mikenova shared this story from Comments on: Moody’s Wacks Puerto Rico’s Debt, Outlook Negative. Shift from "revenue enhancement and budget tightening" to moving burden to creditors to accept debt haircuts cited as reason Moody’s I...
» Catalogs Pierluisi the very negative outlook
03/07/14 12:55 from Mike Nova's Shared Newslinks
mikenova shared this story from El Vocero de Puerto Rico. By Stephanie Gomez Alvarez, THE SPOKESMAN - 6:40 a.m. Resident Commissioner Pedro Pierluisi warned That if the government does not have access to the bond market and does not Have...
03/07/14 12:55 from Mike Nova's Shared Newslinks
mikenova shared this story from El Vocero de Puerto Rico. By Stephanie Gomez Alvarez, THE SPOKESMAN - 6:40 a.m. Resident Commissioner Pedro Pierluisi warned That if the government does not have access to the bond market and does not Have...
» Two union leaders see positive bankruptcy law Creole
03/07/14 12:53 from Mike Nova's Shared Newslinks
mikenova shared this story . Two union leaders categorized as positive the "Creole bankruptcy law" because it would be the first time in the history of Puerto Rico faces a government bondholders and defend the public interest. "This, aft...
03/07/14 12:53 from Mike Nova's Shared Newslinks
mikenova shared this story . Two union leaders categorized as positive the "Creole bankruptcy law" because it would be the first time in the history of Puerto Rico faces a government bondholders and defend the public interest. "This, aft...
» Two union leaders endorse Creole bankruptcy law
03/07/14 12:52 from Mike Nova's Shared Newslinks
mikenova shared this story . By <a href="http://Primerahora.com" rel="nofollow">Primerahora.com</a> 07.03.2014 | 10:44 a.m. Two union leaders categorized as positive the "Creole bankruptcy law" because it would be the first t...
03/07/14 12:52 from Mike Nova's Shared Newslinks
mikenova shared this story . By <a href="http://Primerahora.com" rel="nofollow">Primerahora.com</a> 07.03.2014 | 10:44 a.m. Two union leaders categorized as positive the "Creole bankruptcy law" because it would be the first t...
» CNE – Centro Para Una Nueva Economía – Center for a New Economy
03/07/14 12:51 from Mike Nova's Shared Newslinks
mikenova shared this story from CNE - Centro Para Una Nueva Economía - Center for a New Economy. No state or city with a credit rating as low as Puerto Rico ’s has been able to access bond markets since at least 1...
03/07/14 12:51 from Mike Nova's Shared Newslinks
mikenova shared this story from CNE - Centro Para Una Nueva Economía - Center for a New Economy. No state or city with a credit rating as low as Puerto Rico ’s has been able to access bond markets since at least 1...
» Caribbean Business - More Local News - Page2RSS
03/07/14 12:48 from Mike Nova's Shared Newslinks
mikenova shared this story from Caribbean Business - More Local News. 03 Jul ' 08:19 Job drop drags on manufacturing index Issued: July 1, 2014 Rico’s vital manufacturing industry contracted in May, posting a second straight month o...
03/07/14 12:48 from Mike Nova's Shared Newslinks
mikenova shared this story from Caribbean Business - More Local News. 03 Jul ' 08:19 Job drop drags on manufacturing index Issued: July 1, 2014 Rico’s vital manufacturing industry contracted in May, posting a second straight month o...
» Puerto Rico’s debt crisis: Neither a state nor independent
03/07/14 12:47 from Mike Nova's Shared Newslinks
mikenova shared this story . Visit Puerto Rico and lose your shirt PUERTO RICO has put on a brave face during its year-long debt crisis. But on June 28th Alejandro García Padilla, the governor, made a belated concession to reality b...
03/07/14 12:47 from Mike Nova's Shared Newslinks
mikenova shared this story . Visit Puerto Rico and lose your shirt PUERTO RICO has put on a brave face during its year-long debt crisis. But on June 28th Alejandro García Padilla, the governor, made a belated concession to reality b...
Doral Financial wins round in Puerto Rico legal case, shares jump
July 2
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(Reuters) - Troubled lender Doral Financial Corp said an appeals court in Puerto Rico reversed a lower court's ruling that it lacked jurisdiction to hear a case stemming from its tax dispute with the island's government.
Doral's shares jumped as much as 70 percent to $6.86 Wednesday on the New York Stock Exchange.
Doral, one of the biggest Puerto Rican banks, sued the government in May for voiding an agreement that required the Treasury Department to pay the company about $230 million in tax refund.
The appeals court said the lower court erred when it ruled that it lacked jurisdiction to hear the case and ordered it to hold a hearing in which the Treasury Department must prove the basis for voiding the agreement.
The company had received a letter from the Federal Reserve Bank of New York in May stating that it must classify the tax agreement as a loss and write off the asset.
Doral, whose business has been affected by a slowing Puerto Rican economy, had said it could sell assets to meet regulatory requirements. (Reporting by Tanya Agrawal and Neha Dimri in Bangalore; Editing by Saumyadeb Chakrabarty)
A majority of Puerto Rico’s “Commonwealth” party senators has 
