John Mudd & Gil Hall Discuss This Week’s News Events in Puerto Rico

by Gill Hall

In this week’s round-up show, John Mudd joins Gil Hall to discuss and analyze events from Puerto Rico. Topics include:

  • Melba Acosta, president of the Government Development Bank of Puerto Rico told a Puerto Rican newspaper this week that the government expects to pay the COFINA sales tax bonds in their entirety early in the summer of 2016, but that it is “not probable” that the general obligation bonds will be paid in full.
  • United States Treasury Secretary Jacob Lew visited the island this week, urging prompt action by the United States Congress.
  • Chapter 9 bankruptcy would not the panacea many envision. John explains that there are significant challenges that would prevent the immediate action many are expecting.
  • PREPA restructuring agreement deadline is today, but as of now Puerto Rico Legislature has taken no action on the bill. The governor’s PPD party has a hold-out group of legislators who are unlikely to buy into important provisions of the bill.
  • The governor’s Economic Working Group released an updated Fiscal and Economic Growth Plan to reflect their opinion that the recovery plan will take 10 years (vs. the five years originally indicated).
  • As a part of the discovery phase of Wal-Mart’s suit against the Puerto Rican government over what is says are unfair and targeted tax levies, the federal judge involved has ordered the release of key financial documents. The list of documents required includes current draft copies of the island’s audited financial reports being prepared by KPMG.

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PRNewsRoundup.com contacts:
Cate Long: @cate_long
Gil Hall: @gillamhallGuest contact:
@muddlaw
http://johnmuddlaw.com

About Gil Hall

Currently writing book on PR crises. Working title: "Los Pertrechos: the Story of an Economy". Polyglot prone to prolixity in English, German &, Spanish. Based between San Juan and North Carolina. MBA/MHA.