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In a devastating blow to its megabank creditors, Puerto Rico’s Legislature approved a bill on Wednesday that suspended the US territory’s debt payments until at least January 2017.
Since 2000, Wall Street has conned the Puerto Rican government into a massive black hole of debt. After Puerto Rico handed them control of their federal bond sales, Wall Street executives tacked on hundreds of millions in fees for their “services,” greasing the skids for the island’s financial dismay.
Along with suspending debt payments, the legislation suspended payment on all general obligation bonds which happen to be guaranteed by the island’s constitution. As Bloomberg previously reported:
originally posted by: BooCrackers
If they are allowed to declare bankruptcy this will set the stage for other states in the union whom are not doing so well to follow in their footsteps. If this occurs say goodbye to the US of A.
Could you imagine a huge group of states declaring we broke!