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.
Puerto Rico government credit downgraded again
Moody’s downgrades GF/GOs (negative outlook); scheduled issues $1,056 million (public works + 21st Century Schools).
Another loan to balance the budget
GF FY12 $9,260 million; deficit covered with Cofina issue $610 million; Cofina debt $14,200 million.
Comptroller: AAA paid illegal severance and bonus to former presidents (CP-11-05)
12 Apr 2011. $350,000 dismissal (net $217,327); recovery $70,000. Finding ≠ conviction.
NotiCel: Law 7 has been the ‘most nefarious,’ unions say
As clauses expire: layoffs (~30,000 per UTIER), frozen contracts, extra taxation. Opinion ≠ judgment.
New Internal Revenue Code for Puerto Rico presented
3 Dec 2010. Treasury/GDB present code; blame Calderón/Acevedo Vilá; austerity vs tax relief.
HUD and Fortuño sign market-based housing plan
HOME/CDBG/McKinney-Vento; Task Force. Agreement ≠ disbursement.
HUD assigns $14.7 million to PR in the $1 billion EHLP
0% bridge loans up to 24 months. Allocation ≠ disbursement.
Law 7 drained $157 million from Retirement
ASR stopped receiving $157 million under Law 7; actuarial deficit $17,100 million; receivables $254 million; bonds ~$2,900 million.
DOJ PIN: Martínez Maldonado and Bravo Fernández charged over legislative bribery
22 Jun 2010. PIN 2010 report; Las Vegas trip. Charge ≠ conviction.
Governor speeds Property Registry process after introducing bill
PC 2683; Registry fees to GF >$1,000 million vs spending <$300 million; backlog ~600,000 documents.
PH: three banks disappear — Westernbank, R-G and Eurobank
OCIF/FDIC: Popular, Scotiabank and Oriental acquire; depositors protected; common shareholders lose.
CPI: NY Fed — we have not hit bottom (vs Fortuño)
Private jobs −13% since ~2005; Dudley: longer/deeper drop than U.S./NY.
Comptroller: AAA overcharged ~$46.38 million with New Billing (CP-10-20)
9 Mar 2010. First/Second Invoice + Averaged Last. Finding ≠ conviction.
Fortuño says Economic Reconstruction Plan is on schedule
25 Feb 2010. Puerto Rico Credit Conference; GDB García: outlook stable→positive; revenues +$10 million.
Comptroller: Highway Authority failed to remit 56+110 Route 66 orders (CP-10-13)
11 Dec 2009. Route 66 costs $264.1 million. Finding ≠ conviction.
PH: multimillion BGF/Tourism loan for Condado Dúo
BGF/Tourism approve $62 million for Condado Vanderbilt; ~1,182 jobs; project >$450 million; projected 2011 opening.
Strike ends without major incidents
15 Oct 2009. National strike vs Law 7 / layoffs; Plaza Las Américas; minor Police–student clashes.
Minute by minute: Government announces layoff of 16,470 public employees
JREF/Law 7: 16,970 letters; 500 to Hacienda; alleged net impact ≤13,774; deficit cited $3,200 million.
CPI: blank check — PPP / Senate Bill 469 without a development plan
PPPs up to 75 years; PPP Authority BGF credit line $20 million; bidding/accounting exemptions; approval ≠ privatization executed.
Treasury workers propose measures to avoid layoffs
21 May 2009. UTH: strengthen IVU / withholdings / delinquencies; OGP deficit ~$3,200 million; receivables ~$3,800 million.