wtvxx Wrote:
-------------------------------------------------------
> XFNJV Wrote:
> --------------------------------------------------
> -----
> >
> > Please provide an example of a law that would
> > authorize a court to release a state from its
> > legal obligations to its creditors.
>
>
> Puerto Rico Declares a Form of Bankruptcy
>
> By MARY WILLIAMS WALSH MAY 3, 2017
>
>
> With its creditors at its heels and its coffers
> depleted, Puerto Rico sought what is essentially
> bankruptcy relief in federal court on Wednesday,
> the first time in history that an American state
> or territory had taken the extraordinary measure.
>
> The action sent Puerto Rico, whose approximately
> $123 billion in debt and pension obligations far
> exceeds the $18 billion bankruptcy filed by
> Detroit in 2013, to uncharted ground.
>
> While the court proceedings could eventually make
> the island solvent for the first time in decades,
> the more immediate repercussions will likely be
> grim: Government workers will forgo pension money,
> public health and infrastructure projects will go
> wanting, and the “brain drain” the island has
> been suffering as professionals move to the
> mainland could intensify.
>
> Puerto Rico is “unable to provide its citizens
> effective services” because of the crushing
> weight of its debt, according to a filing on
> Wednesday by the federal board that has supervised
> the island’s financial affairs since last year.
>
> The total includes about $74 billion in bond debt
> and $49 billion in unfunded pension obligations.
>
>
https://www.nytimes.com/2017/05/03/business/dealbo
> ok/puerto-rico-debt.html
JFC, Puerto Rico is not a state. Fucking moron.