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Spirit of Contradiction

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

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Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017

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offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

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NAMA Wine Lake

offsite link Test ? 12 November 2018 Mon Nov 12, 2018 14:28 | namawinelake

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offsite link Happy 70th Birthday, Michael Sun May 19, 2013 14:00 | namawinelake

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offsite link Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of E... Fri May 17, 2013 14:23 | namawinelake

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Puerto Rico Bankruptcy Judge Reviews Debt Deal

category international | economics and finance | press release author Wednesday January 16, 2019 21:18author by Kate Zeller - Jubilee USA Network Report this post to the editors

Oversight Board Files for $6 Billion Debt Cancellation 

Through Thursday, the judge presiding over Puerto Rico's bankruptcy process will hear testimony about a debt deal to restructure about $17 billion of the island's $72 billion debt.

Through Thursday, the judge presiding over Puerto Rico's bankruptcy process will hear testimony about a debt deal to restructure about $17 billion of the island's $72 billion debt. The Honorable Judge Laura Taylor Swain is administering the island's Title III process, a debt restructuring process created by Congress in 2016. This week Swain is hearing testimony from stakeholders of the merits of a debt deal that Puerto Rico's COFINA creditors and oversight board agreed on. Critics of the plan argue that if the debt deal is approved, it sets up Puerto Rico for failure.

"The current agreement doesn't do enough to support sustained economic growth, reduce austerity or ensure that Puerto Rico rebuilds from last year's hurricanes," said Jubilee USA Executive Director Eric LeCompte who monitored the island's debt woes since 2015. "If this is the recipe to restructure Puerto Rico's debt, Puerto Rico will be back at the restructuring table in a few years."

This week Puerto Rico's oversight board filed a request to cancel debt to Judge Swain. $6 billion in General Obligation bond debt from 2012 and 2014 exceeded set Puerto Rico constitutional debt limits, according to the court filing.

"The move to cancel this debt is important. It should be declared null and void," stated LeCompte. "The debt violated debt limits and some hedge funds were looking to exploit this debt."

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