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Bond Holders to get sold out in Puerto Rico?
It's seems Congress and the government are looking a way out of the Financial mess created in Puerto Rico! Congress just changes the rules or ignores them and presto all is good in Washington D.C.
serf
http://www.cbsnews.com/news/as-debt-crisis-deepens-puerto-ricos-fate-in-the-balance/
The Senate Judiciary Committee, chaired by Senator Chuck Grassley, R-Iowa, on Tuesday will hear testimony on pending legislation that would allows Puerto Rico's government to seek Chapter 9 bankruptcy protection. Under current law, that option is available only to U.S. municipalities like Detroit, which filed for court supervision in 2013.
Earlier this year, Grassley testified that he believed Congress should also consider exempting Puerto Rico from the federal minimum wage law and the Jones Act, a law that mandates only U.S. flagged ships bring cargo to Commonwealth ports. There is some bipartisan support for both proposals, which advocates say would reduce the cost of doing business in Puerto Rico and help stimulate the island's economy.
Some hedge funds and bondholders are pushing back on the proposal to permit Puerto Rico to seek bankruptcy protection, arguing that it would cheat investors of the return on their investment the Commonwealth had represented they would receive.
serf
http://www.cbsnews.com/news/as-debt-crisis-deepens-puerto-ricos-fate-in-the-balance/
The Senate Judiciary Committee, chaired by Senator Chuck Grassley, R-Iowa, on Tuesday will hear testimony on pending legislation that would allows Puerto Rico's government to seek Chapter 9 bankruptcy protection. Under current law, that option is available only to U.S. municipalities like Detroit, which filed for court supervision in 2013.
Earlier this year, Grassley testified that he believed Congress should also consider exempting Puerto Rico from the federal minimum wage law and the Jones Act, a law that mandates only U.S. flagged ships bring cargo to Commonwealth ports. There is some bipartisan support for both proposals, which advocates say would reduce the cost of doing business in Puerto Rico and help stimulate the island's economy.
Some hedge funds and bondholders are pushing back on the proposal to permit Puerto Rico to seek bankruptcy protection, arguing that it would cheat investors of the return on their investment the Commonwealth had represented they would receive.
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