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White House says it won't bail out Puerto Rico

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Author Topic: White House says it won't bail out Puerto Rico  (Read 542 times)
Psalm 51:17
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« on: June 30, 2015, 02:36:07 pm »

White House says it won't bail out Puerto Rico
6/29/15
http://www.cbsnews.com/news/white-house-says-it-wont-bail-out-puerto-rico/

WASHINGTON- The White House on Monday dismissed the idea of bailing out Puerto Rico from its financial crisis, instead urging Congress to consider changing the law so the island can declare bankruptcy.

On the heels of a dismal economic report, Puerto Rico's governor has warned that the commonwealth can't pay its $72 billion public debt, delivering a serious blow to Puerto Rico's recession-addled economy. But White House spokesman Josh Earnest said the federal government would provide financial expertise and access to existing resources - but not a bailout.

"There's no one in the administration or in D.C. that's contemplating a federal bailout of Puerto Rico," Earnest said. "But we do remain committed to working with Puerto Rico and their leaders as they address the serious challenges."

Earnest said the Treasury Department is working with Puerto Rican officials to offer advice, and that an interagency task force would help the island identify federal programs and funds it might be able to tap into. He described that assistance as similar to what the federal government offered Detroit during its crisis. The Obama administration declined to offer Detroit a bailout, and the city declared bankruptcy under Chapter 9 of the Bankruptcy Code in 2013.

As a U.S. territory, Puerto Rico can't file for bankruptcy under that chapter, which is limited to municipalities such as Detroit. But Puerto Rican Gov. Alejandro Garcia Padilla has said he's considering asking Congress to change the law so that Puerto Rico's public agencies could declare bankruptcy under Chapter 9 - an idea that seemed to gain traction at the White House.

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« Reply #1 on: July 06, 2015, 10:19:44 am »

http://www.forbes.com/sites/timworstall/2015/07/05/puerto-rico-shows-greece-needs-e50-billion-a-year-and-would-still-fail-even-then/
7/5/15
Puerto Rico Shows Greece Needs Ä50 Billion A Year: And Would Still Fail Even Then

Itís true, as Paul Krugman says, that Greece and Puerto Rico are not in exactly the same position. PR is bust to some extent, yes, but itís not in the middle of a catastrophe, as Greece is. However, there is also a similarity in their situations, one thatís extremely instructive. Theyíre both suffering from being in a monetary policy zone, a currency zone, that isnít really suitable for their circumstances. One of the two is in a fiscal policy union as well as that monetary union, the other is not. And itís long been agreed that if youíre to have monetary union then you really do need to have that fiscal union as well.

So, what we can do is have a look at how much aid Puerto Rico is getting from that fiscal union and equate that to the minimum that Greece would require if it were indeed part of a full fiscal union. The answer being a very scary Ä50 billion or so. Thatís a year. No, thatís not debt relief, thatís not loans, thatís just the transfer of rich country taxpayersí money to the Greek state and citizenry as a gift. For thatís the sort of amount of money, relative to GDP, that Puerto Rico is getting. And recall, PR is still failing even at these levels of transfer.

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