Borinquen MadeDated notes on Puerto Rico
Puerto Rico news: economy and politics
This desk gathers dated notes on the economy and politics of Puerto Rico, taken from named outlets. It is not the magazine's historical archive. Each note cites its outlet. It is not original reporting.
A dated, sourced desk. Each note names its outlet. It is not original reporting. Figures are those the source published. If sources disagree, both layers are left in place.
Fiscal Board imposes its FY2018 budget with additional cuts
General Fund $9.56 billion; $50 million reserve; door open to workweek reduction in September.
Board confirms Title III PROMESA filing for the Commonwealth
Carrión: liquidity and solvency enormous; voluntary petition after litigation stay expired.
March 13, 2017 Fiscal Plan: avoids $67 billion deficit and projects +$7.9 billion
AAFAF Mar 13, 2017. Replaces rejected Dec 2016 plan. Gap −$39.6B / cash flow +$7.9B over 10 years. Projection ≠ disbursed.
Comptroller: adverse opinion on Public Buildings for $28.3 million in purchases
CP-17-11 (Mar 6, 2017; press Mar 15). 10,610 purchases 2011–16. Seven findings. Adverse opinion ≠ theft.
CPI: García and González under scrutiny over Santander
COFINA 36.27% in Santander fund; ≥90 underwritings; PROMESA disclosures not delivered.
They hang the fiscal plan García Padilla submitted to the Board
Public comments Nov 10–23; Hospitals, tourism, CPA and Krueger flag gaps vs PROMESA.
CPI: the Board’s public face tied to the PNP
Forculus unregistered at Comptroller; >$1 million under Fortuño; PROMESA §103 exempts territorial contracting.
Two fiscal board members flagged from above
Pierluisi confirms Paul Ryan proposed Carlos García and José Carrión III to Obama.
Obama signs the PROMESA bill into law
Obama signs PROMESA; the statute imposes the federal fiscal control board (ENDI coverage ≠ PLAW filing).
PROMESA takes effect: Public Law 114-187 creates the Board and Title III
Jun 30, 2016. Federal statute: Oversight Board, fiscal plans/budgets, Titles III–VI, automatic stay. Law ≠ disbursement.
Bondholders sue the Government
Challenge Moratorium Act and COFINA structure; nearly $2,000 million principal due Jul 1 expected unpaid.
CPI: officials wash their hands of GO debt that may be illegal
$3.5 billion issuance (2014); pre-audit sees deficit financing and 15% cap. Preliminary report ≠ judgment.
García Padilla declares emergency at HTA and halts toll transfers to bondholders
EO 2016-018 under Act 21; suspends toll transfers. HTA–GDB debt >$2,200 million (2012). Emergency ≠ haircut.
Comptroller: partially adverse opinion on Tourism over chartered flights ($4.13 million)
CP-16-05 (Feb 18, 2016). Revised contract ~$5.95 million; 12 disbursements $4.13 million. Penal Code finding ≠ conviction.
The crisis fills the pockets of U.S. politicians and lobbyists
Debt ~$72 billion; $327,250 to Senate Finance; Schumer $99,150. FEC donation ≠ bribery.
García Padilla unveils the “roadmap” to face the debt
PCEF/Gtrfe (Sep 9, 2015). ~$72 billion debt; 5y plan $47 billion excluding PREPA/AAA; local 5-member board.
GDB passes Barclays the hot potato of who bought the 2014 GOs
Motions vs CPI suit; Purchase Agreement ~$3.23 billion net on $3.5 billion. Access ≠ adjudicated illegality.
The path of the hedge funds that arrived in Puerto Rico
Jul 14, 2015. CPI profiles Ad Hoc (Fir Tree, Stone Lion, Perry, Monarch, DK, Centerbridge, Brigade).
Island public finances collapse
Krueger: real deficit $3,695 million (ENDI; cousin ≠ #2 PDF same day).
Blow to bonds and banking
García Padilla “debt unpayable” (NYT); GOs −10% that morning; local banks down.