Puerto Rico's debt crisis is a humanitarian crisis. June 20 - Puerto Rico's religious leaders release a statement on the status of debt talks between the US territory's Governor and creditors. Now, Puerto Rico’s fiscal crisis is beginning to cast doubt on the reliability of state-level government bonds. Sep 30 - Puerto Rico's Archbishop and the General Secretary of its Bible Society meet with lawmakers and White House Chief of Staff Denis McDonough in Washington to advance their proposed solutions to the island's debt crisis. The ratio has risen to about 68% in the past few years. Puerto Rico's intensifying debt crisis has residents bracing for the worst. The debt crisis has been so severe to the point of nearly crippling the island’s economy. May 23 - Reverend Heriberto Martínez writes about Puerto Rico's crises and bankruptcy process. Feb 16 - The Government Development Bank of Puerto Rico releases draft financial statements for 2014, showing serious liquidity and solvency concerns. Passing this legislation was an important first step toward building Jubilee in Puerto Rico - but it is not the last step. June 29 - Former World Bank Chief Economist Anne Krueger releases a report, commissioned by the Puerto Rico government, laying out proposals for resolving the island's economic crisis. The debt crisis in Puerto Rico has also put a spotlight on discriminatory policies affecting persons with disabilities. The island's religious leaders called for Jubilee - debt relief, budget transparency and investment in Puerto Rico's people. He has until March 11 to submit a revised plan. Aug 31 - Puerto Rico's religious leaders call for the US Federal Reserve to intervene in the island's economic crisis if Congress doesn't pass bankruptcy protection. In 2016, then-US President Barack Obama signed into law the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), a measure responsible for “restructuring [the island’s] debt, and [expediting] procedures for approving critical infrastructure projects” in Puerto Rico. We organized high-level meetings for those leaders with the White House and Congress and joined them at the United Nations to call on funds that own Puerto Rico's debt to negotiate with the government. The consequences of a default would have a wide-spread impact beyond the island as Puerto Rico’s bonds are a major part of U.S. municipal bond market. They called on Congress and the White House to intervene. The people of Puerto Rico — who are, of course, U.S. citizens — have been and remain in very serious trouble. Jan 18 - The financing gap for Puerto Rico widens from $14 billion to $16.1 billion over the next ten years. Mar 4 - Jubilee USA launches its Puerto Rico radio spots in the critical presidential primary state of Florida after debuting the ads in Texas. The financial debt crisis is what is referred to as the Puerto Rico Debt Crisis. Puerto Rico's leaders warned of dire consequences if it were taken away, but the tax incentive was phased out over a decade beginning in 1996, and the economy entered recession in 2006. The large debt has led to an increment in the government’s debt to GDP ratio. The Puerto Rico Debt Crisis, Explained. Follow @Eric_LeCompte and check out his live tweets from the proceeding. Apr 8 - Puerto Rico Archbishop prays for Congress, debt relief and children. July 1 - Puerto Rico's public utility, the Puerto Rico Electric Power Authority (PREPA) reaches a deal with its creditors to avoid default. Jan 2 - Puerto Rico governor says the island does not have funds to pay employees in February. Puerto Rico debt crisis drives exodus to U.S. - Duration: 9:25. The bill proceeds to the Senate. Mar 9 - The federal Puerto Rico Oversight board rejects the Governor's fiscal plan. The debt crisis is not new and has been building for years as the government covered its budget deficits with bond sales. Puerto Rico has a new plan to get out of its massive debt crisis: Use a big eraser. Email Facebook Twitter LinkedIn. Jan 28 – The Financial Oversight and Management Board of Puerto Rico meets as the island's financial crisis deepens. Last ... Puerto RicoÕs Economic Crisis Timeline Last Viewed by First Circuit Library on 2/19/2019. Puerto Rico is hoping to reduce $123 billion in debt and pension obligations. Apr 27 - Jubilee USA calls on Congress to protect Title III for Puerto Rico. Apr 6 - Puerto Rico’s electric company and bondholders agree on a debt deal. A federal control board that oversees Puerto Rico's finances filed a long-awaited plan that would reduce the U.S. territory's debt by more than 60 percent and pull the island out of bankruptcy . June 27 - US Senate faces Puerto Rico vote before July 1 deadline. June 8 - Jubilee USA, the United Church of Christ and Catholic Charities endorse PROMESA and an amendment to address child poverty on the island. In 1508, Juan Ponce de León f… Puerto Rico Governor Alejandro Garcia Padilla put investors on edge on June 29 by saying that he wants to restructure the island's debt and postpone bond payments to relieve its fiscal problems. Governor Padilla signs a bill giving him the power to declare a moratorium on debt payments to pay for essential government services. Why does Puerto Rico have a debt crisis? Nov 30 - Puerto Rico faces a December 1 deadline to make a $354 million debt payment to avoid a potential default. Sep 2 - Puerto Rico's troubled public utility company and its creditors agree to restructure $5.7 billion in debt, reducing debt and delaying payments in exchange for stronger assurances of repayment. The Puerto Rican government-debt crisis is a financial crisis affecting the government of Puerto Rico. Puerto Rico issued debt many times over the years. With one debt crisis averted in Washington, another one is still brewing on the horizon in Puerto Rico. Fortunately, Puerto Rico’s case is fairly unique. Puerto Rico is battling a roughly $72 billion debt crisis that its governor says the commonwealth won’t be able to pay back. As Puerto Rico’s debt rose, the island’s elected officials began pushing the burden of repayment onto the public. Puerto Rico suffers from a history of corruption, an insurmountable debt crisis, failing infrastructure, the lingering effects of (and threat of future) major hurricanes, and a quasi-colonial status in relation to the United States that has deprived the island of autonomy and self-determination. Read about it in El Nuevo Dia and the CBC. Since 2006 Puerto Rico has been facing an unprecedented economic and fiscal crisis that shows little signs of ending or abating in the foreseeable future. Jubilee USA remains one of the most active organizations working to end this crisis and prevent devastating austerity on the island. May 24 - House Committee on Natural Resources begins markup on the new version of PROMESA. In 2008, the governor cut 38,000 government jobs, reduced income tax by half, and cut the corporate tax rate. Jan 21 - Puerto Rico cuts services as budget gap grows. June 21 - Owners of Puerto Rico government's debt file suit to undo an April debt moratorium law. The U.S. territory of Puerto Rico has made many attempts to reduce its debt burden and save its economy. Feb 10 - A group of bond holders make a counter offer to Puerto Rico's original restructuring proposal. The government owes different organizations an amount that exceeds $70 billion. Mar 31 - Eric LeCompte meets with Puerto Rico's Governor, Congresswoman and religious leaders. Mar 22 - Religious leaders encourage Congress to expand health care funding for the citizens of Puerto Rico. Mar 8 - The federal Puerto Rico oversight board warns that the island can't pay vital services. Puerto Rico is embroiled in a humanitarian crisis that is leading to a mass exodus from the island, with a planeload of people leaving with one-way tickets every day. Dec 16 - Bankruptcy provisions for Puerto Rico are noticeably absent from the "omnibus" spending deal. Mar 22 - The Supreme Court hears arguments on whether Puerto Rico can restructure its debt through its own court system. WASHINGTON, DC Puerto Rico continues to struggle under a massive debt crisis and a flagging economy. If you want to know what's happening in Puerto Rico, Anne Krueger is where you must start. While the island’s significant fiscal problems have overshadowed the status debate lately, some press coverage is ultimately finding its way back to questions involving Puerto Rico status as U.S. territory and the impact that status has had in causing and resolving current... Read more » Mar 14 - Religious leaders urge Congress to act on Puerto Rico’s debt crisis. Mar 24 - The House rejects an important amendment that would extend Medicaid funding to the citizens of Puerto Rico. In August 2015, we launched a campaign with Puerto Rico's religious leaders to address the crisis. Feb 11 - Three ratings agencies downgrade Puerto Rico's bonds to "junk" status.". 07/27/2015 01:16 pm ET Updated Jul 27, 2016 Puerto Rico is on its way to one of the largest debt defaults in history, right up there with Greece and Argentina. One factor contributing to Puerto Rico’s debt levels is the Puerto Rico government's persistent annual deficits, where expenses exceeded revenues. May 4 - Puerto Rico's religious leaders release a bankruptcy statement. ... How Puerto Rico's financial crisis erupted: The island's taxpayers are currently on the hook to pay back about $50 billion. San Juan's Catholic Archbishop and Evangelical Bible Society head write letter to the presiding Judge. Nearly 40 inches of heavy rainfall, gusts in excess of 110 miles per hour, storm surges, and flash flooding hit the island all at once. Nov 19 - Puerto Rico's Government Development Bank announces it will present a plan to advisers of firms that own Puerto Rico's debt at a meeting in New York. Puerto Rico Governor Alejandro Garcia Padilla put investors on edge on June 29 by saying that he wants to restructure the island's debt and postpone bond payments to relieve its fiscal problems. July 6 - The Los Angeles Times reports on Puerto Rico's citizens leaving the island to search for economic opportunities on the US mainland. Dec 21 - The Congressional Task Force on Economic Growth in Puerto Rico releases its final report. In August 2015, we launched a campaign with Puerto Rico's religious leaders to address the crisis. Puerto Rico’s debt crisis Puerto Pobre. 07/27/2015 01:16 pm ET Updated Jul 27, 2016 Puerto Rico is on its way to one of the largest debt defaults in history, right up there with Greece and Argentina. This is the only process in existence that can deal with 100% of the debt, protect essential services and stop vulture funds. The Puerto Rico debt crisis has been responsible for the economic depression in the country for the past one decade. Puerto Rico to be granted bankruptcy protection.
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