Tuesday, June 30, 2015

2015-06-29 PUERTO RICO: Going Greek

2015-06-29 PUERTO RICO: Going Greek
GOVERNOR OF PUERTO RICO: WE CANNOT PAY OUR DEBTS "The governor of Puerto Rico has decided that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States." Here's why this will devastate the municipal bond market. [WaPo]
A default on the island’s massive debts could roil the stock and municipal bond markets and raise borrowing costs for state and local governments.

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