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Puerto Rico Default – Welcome to Big Bang

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Lobo
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Puerto Rico Default – Welcome to Big Bang

Post by Lobo on Sun 02 Aug 2015, 1:30 pm

Puerto Rico Default – Welcome to Big Bang

Posted on August 2, 2015 by Martin Armstrong


A group of hedge funds holding a large proportion of Puerto Rico’s debt have demanded that its government fires teachers, collects more taxes and reforms labor laws, as the US territory contemplates default. This is the battle between bond holders and the people that is not going to end nicely.
While hedge funds may be buying up distressed bonds and then demanding full payment, these type of vulture funds will eventually lose everything. The entire government debt structure is just out of control. Puerto Rice will be the first quasi-state to go belly-up. Others will most assuredly follow. Welcome to Big Bang.
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