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Submitting to Wall Street Vultures, Puerto Rico Narrowly Avoids Massive Default


#1

Submitting to Wall Street Vultures, Puerto Rico Narrowly Avoids Massive Default

Nadia Prupis, staff writer

Debt-choked Puerto Rico on Tuesday "narrowly avoided" economic default by scrounging together an 11th-hour payment toward its $354 million debt to Wall Street vulture funds, an unexpected move likely resulting from the island's submission to austerity cuts and other drastic government measures.


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Were the day ever to come where the people of Puerto Rico voted on independence followed by abrogation of that debt within 2 weeksISIL terrorists would be deemed living in that new country by the US Government.


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#5

The article makes at least one misstatement: "Puerto Rico cannot legally declare bankruptcy without being classified as a U.S. state, "
The misstatement is that actual U.S. states that are in fiscal approximately-bankrupt can't legally declare bankruptcy either. Illinois has been named as one example.
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It is easy to repudiate the debt. The hard part is that they would still be bankrupt, still be debt 'deadbeats' and that no sane person or entity will lend to them. They could learn some valuable lessons about sustainable budgeting and living within their revenues. Much like all of us need to learn to live sustainably within the 'revenues' that the Earth can sustainably produce.