Joe Puerto Rico Gets Screwed

Apr 2013
38,379
26,361
La La Land North
#1
CNN email said:
Puerto Rico just went into default for the first time.

The commonwealth didn't pay $58 million in debt due today to creditors of its Public Finance Corporation. The debt is mostly owned by ordinary Puerto Ricans through credit unions.

The island is struggling with about $70 billion in total outstanding debt, and its economy is in recession.

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I bet all those little credit unions and the little bond buyers aren't too big to fail.

There is a day of reckoning eventually.
 
Jun 2014
11,878
4,381
United States
#2
I bet all those little credit unions and the little bond buyers aren't too big to fail.

There is a day of reckoning eventually.
These corporations selling debt to these smaller nations is just like a payday loan and loan shark scam except on a bigger basis.
 
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