Hamilton star explains Puerto Rico’s debt crisis

~ susie

Hamilton, live in NY today. Who knew rap was the format I needed to learn history! Thx Lin-Manuel Miranda

Puerto Rico is in dire financial straits. They are facing a monumental $70 billion debt. BILLION. John Oliver explained in the below clip from Sunday’s Last Week Tonight that Puerto Rico can’t file for bankruptcy due to an unexplainable, tiny provision in a 1984 law. Oliver said: “We need to stop treating Puerto Rico like it’s…

Published by susie

One thought on “Hamilton star explains Puerto Rico’s debt crisis”

  1. Puerto Rican bond holders are going to get hosed regardless of which mechanism is used to erase this $70 billion dollar debt.
    In the end the bond holders may get 20 or 30 cents on the dollar.
    The lesson here is that there’s no free lunch.
    If a state or a corporation can only borrow money from the general public because the banks have cut them off, and only at a higher than normal interest rate, then run for the exits.

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