The Art of the Sell Side
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The world has been focused on Greece and Puerto Rico finds itself around $72 billion in debt, while Governor Alejandro Garcia Padilla says the sum is unpayable. As a commonwealth, it can't allow its munipalities to file for Chapter 9 bankruptcy to restructure the debt. The island has been in recession for almost a decade. 40% of Puerto Rican adults participate in the workforce. More than 5% of the population has left to search for better opportunities on the mainland.
Greece owes money to many countries, institutions and investors. Virtually all of Puerto Rico's debt is held by Americans. Greece may still go its own way relieving other euro-zone countries of the need to finance an economy that won't be viable any time soon; there's a possibility of a "Prexit." Puerto Rico will not drop out of the dollar zone and it will continue to benefit from a federally funded social safety net--at a cost to U.S. taxpayers, ("The Risk Report," For Thrill Seekers, Two Markets to Watch, Ian Bremmer, Time, July 20, 2015)--Bremmer is the president of Eurasia Group, a political risk consultancy.
Proficient in Legal Research & Writing