Jennifer Lopez and Shakira sparkle at
the Super Bowl
02 Feb 2020
During the show's only moment of
political frisson, Emme sang the chorus of Bruce Springsteen's Born In The USA
while Lopez draped herself in a Puerto Rican flag, a not-so-subtle dig at the
Trump administration's handling of aid for the island after it was devastated
by two hurricanes in 2017.
Puerto Ricans protest as anger rises
over unused emergency aid
23 Jan 2020
Hundreds protested in Puerto Rico
on Thursday in a demonstration reminiscent of those that ousted the island’s
former governor last year, as anger grows over emergency aid that until
recently sat unused in a warehouse amid ongoing earthquakes. Vázquez came under
fire on Saturday after an online blogger posted a live feed of a warehouse in
the southern coastal city of Ponce filled with water, cots, baby food and other
supplies dating from Hurricane Maria. A group of people broke into the
warehouse and began distributing supplies to those affected by the recent quake.
More than 4,500 people remain in shelters.
Puerto Rico in state of emergency
after most powerful quake in over 100 years
07 Jan 2020
Puerto Rico’s governor, Wanda
Vázquez, declared a state of emergency and activated the national guard on
Tuesday after a series of earthquakes including one of magnitude 6.4 that was
the most powerful to strike the Caribbean island in 102 years. The quakes provoked a power outage across the
entire island and cut off drinking water to 300,000 customers. The island has been rocked by a series of quakes – literally
hundreds – since 28 December, including 10 of magnitude 4 or greater. Puerto
Rico is also working through a bankruptcy process to restructure about $120bn
of debt and pension obligations.
Puerto Rico governor resigns after
mass protests
25 Jul 2019
Puerto Rico's Governor Ricardo
Rosselló has announced his resignation after days of mass street protests in
the US territory. He has been at the center of a group text message scandal
that has already led two top officials to resign. The leaked messages revealed
sexist, profane and homophobic comments. The chat, which contained 880 pages of
exchanges between the governor and 11 male allies, was leaked on 13 July and
led to days of protests outside the governor's mansion in San Juan. Several of
the texts mock victims of Hurricane Maria, which devastated the island in 2017
and may have led to more than 4,000 deaths. In one instance, Mr Rosselló criticized
the former Speaker of the New York City Council, Melissa Mark-Viverito, saying
people should "beat up that whore".
Police Unleash 'Brutal Attacks' on
Austerity Protesters in Storm-Ravaged Puerto Rico
02 May 2018
Police in Puerto Rico deployed tear gas and fired rubber
bullets to shut down May Day protests as thousands of people took to the
streets of the U.S. territory, which is still battling the devastation caused
by Hurricane Maria—and a debt crisis that preceded the storm. Journalist Naomi
Klein has written and spoken at length about how the island's current crisis
has been used push a "radical corporate agenda." Despite the
violence, the mass protests garnered minimal attention from the U.S. corporate
media.
Puerto Rico Hit by Island Wide
Blackout
18 Apr 2018
In what’s been called the second-largest blackout in history,
Puerto Rico lost power entirely on Wednesday — marking the second time the
island has suffered a major power failure in less than a week. The blackout comes less than a week
after a fallen tree knocked out power for about 870,000 customers.
Explosion cuts power in Puerto Rico
12 Feb 2018
An explosion and fire at a power substation caused a blackout
in parts of northern Puerto Rico on Sunday, 400 megawatts of power generation
had been lost. The fire was caused by a mechanical failure and impacted
sections of San Juan, Trujillo Alto, Guaynabo, Carolina, Caguas, and Juncos.
Puerto Rico Homeowners Brace for
Another Disaster: Foreclosures
22 Dec 2017
Lenders to Puerto Rican homeowners have kicked foreclosures
into high gear in the aftermath of Hurricane Maria, skirting local and federal
borrower protections. The foreclosure horrors add to Puerto Rico’s Dickensian
experience of late. Close to 35 percent of the island remains without power
after Hurricane Maria, with full restoration not expected until May. At least
100,000 people have left the island. Abandoned pets are everywhere. Government
services have been slashed or hobbled. Roughly one-third of 425,000 Puerto
Rican homeowners have fallen behind on mortgage payments. Foreclosures ravaged Puerto
Rico even before Maria, up 130 percent in 2016 relative to a decade before.
Puerto Rico to cancel $300m power
deal with Whitefish, Montana company
29 Oct 2017
The head of Puerto Rico’s power company said on Sunday the
agency will cancel its $300m contract with Whitefish Energy Holdings, amid
increased scrutiny of the tiny Montana company’s role in restoring the island’s
power system following Hurricane Maria. Roughly 70% of the island remains
without power more than a month after Hurricane Maria struck as a category 4
storm with winds of up to 154mph. Federal committees have been trying to investigate
the contract awarded to the small company from the hometown of Donald Trump’s
interior secretary, former Montana congressman Ryan Zinke. Whitefish Energy Holdings is
based in Whitefish, Montana.
Storms complicate Puerto Rico's debt
problems
26 Sep 2017
Puerto Rico's more than $70bn in debt is casting a shadow
over recovery efforts, which was badly destroyed by Hurricane Maria. Puerto
Rico is facing the collapse of its electricity and communications network as it
evacuates flooded families and examines damaged infrastructure. US President Donald Trump wrote on Twitter on Monday night
that the island was in "deep trouble". He added that its debts,
"sadly, must be dealt with".
Hurricane Maria, Sep 2017
Puerto Rico files for bankruptcy in
last-ditch attempt to sustain public services
05 May 2017
Puerto Rico has filed for a form of bankruptcy in a desperate
bid to stave off creditors and maintain essential services to its 3.4 million
citizens, nearly half of whom live in poverty. The insolvent US territory owes
more than $70bn (£54bn) in public debt. A recession spanning decades –
prolonged by the departure of multinational manufacturers, including “big
pharma” companies – and the extensive brain drain to the US mainland has left
Puerto Rico with arrears worth nearly 70% of its GDP. Unemployment is twice
that of the US and millions depend on costly government programs such as
Medicaid. On Friday, the Associated Press reported that Puerto Rico was closing
184 public schools in a bid to save millions of dollars.
Puerto Rico Governor Weighs Asking
Creditors for More Concessions
27 Jan 2017
Many bond investors have viewed Puerto Rico’s new governor,
Ricardo Rosselló, as a likely ally in their fight to get repaid. Now that hope
is starting to dwindle. The governor struck a populist tone in a recent public
spat with the federal oversight board managing Puerto Rico’s financial
rehabilitation. Investors increasingly fear there will be a bankruptcy.
Puerto Rico: Huge blackout after
power plant fire
21 Sep 2016
A big fire at a power plant has left 1.5 million people
without electricity in the US territory of Puerto Rico. The fire affected two
transmission lines and caused the collapse of the electricity system across the
island. Puerto Rico's Electric Power Authority has been undergoing
restructuring and is seeking funds to update what it says is outdated
equipment. The cause of the fire is still unclear. The blackout also caused 15
fires across Puerto Rico as a result of malfunctioning generators.
Puerto Rico to default on $779m debt
01 Jul 2016
Puerto Rico announced on Friday that it would default on
$779m (£588m) of debt. Debt payments totaling just over $2bn were due on
Friday. US President Barack Obama signed a bill into law on Thursday giving the
island access to a debt restructuring process and halting any litigation
arising from defaults. As part of the US law, the island's finances will soon
come under a US federal oversight board. Puerto Rico has been struggling to
make payments on its $70bn debt load.
This Nuyorican Superhero Represents
Hope And Solidarity For Puerto Ricans
17 May 2016
Puerto Rico just got a kickass Afro-boricua superhero! Her
name is name is La Borinqueña, and she’s on a mission to help the Puerto Rican
community unite and fight for social justice. Named after Puerto Rico’s
national anthem, La Borinqueña was created by Brooklyn-based artist and writer
Edgardo Miranda-Rodriguez in response to the island’s current financial crisis
and is intended to be a symbol of hope and solidarity. The cover art for the
comic book, due out this fall, features La Borinqueña soaring above fellow
Puerto Ricans Sonia Sotomayor, Arturo Schomburg, Lolita Lebron, Felicita Mendez,
Hector Lavoe, among others.
Sanders Blasts 'Vulture Capitalists' and Colonialism in Puerto Rico
16 May 2016
Campaigning in Puerto Rico on Monday, Bernie Sanders railed
against the "colonial-like relationship" that has allowed Wall Street
"vulture capitalists" to profit off the debt-stricken territory's
economic crisis. "It is unacceptable to me for the United States
government to treat Puerto Rico like a colony during a time when its people are
facing the worst fiscal and economic crisis in its history," the presidential
hopeful declared in a rousing speech at a packed town hall in San Juan.
"What vulture funds on Wall Street are demanding is that Puerto Rico fire
teachers, close schools, cut pensions and abolish the minimum wage so that they
can reap huge profits off the suffering and misery of the children and the
people of Puerto Rico," Sanders said.
Puerto Rico to default on debt
payment after talks fail
02 May 2016
Puerto Rico has halted a $422m debt payment due on Monday
after talks to ease the US territory's crisis ended without a deal. Governor
Alejandro Garcia Padilla said in a televised speech he had issued an executive
order suspending payments. A further debt payment of $1.9bn is due in July.
Puerto Rico misses second major debt
payment as economy struggles
05 Jan 2016
Puerto Rico has defaulted for the second time in five months,
as the island struggles with massive debt obligations and a flagging economy. Puerto Rico's public
utilities are heavily debt-burdened, but are not allowed the bankruptcy rights
that their mainland counterparts are afforded. The island has been called the "Greece of the
Caribbean”. The flagging economy and uncertainty is driving mass emigration,
with an average of about 230 people leaving per day. Unemployment on the island
stands at 12.5% and around 45% of people living
in poverty. The island faces a bill of around $400m due in February and a much
larger $1.9bn bill in July.
Inside the Billion-Dollar Battle for
Puerto Rico’s Future
19 Dec 2015
On the surface, it is a battle over whether Puerto Rico should
be granted bankruptcy protections, putting at risk tens of billions of dollars
from investors around the country. But it is also testing the power of an
ascendant class of ultrarich Americans to steer the fate of a territory that is
home to more than three million fellow citizens. The investors with a stake in
the outcome are some of the wealthiest people in America.
For decades, the island had been borrowing money to pay its
bills. Puerto Rico’s bonds were particularly attractive to mutual funds because
they were exempt from federal, state and local taxes in all 50 states. But in
2013, after the island’s general obligation bonds were downgraded, they caught
the attention of a different sort of investor: hedge funds specializing in
distressed assets. These funds began buying up the debt at a steep discount,
confident that this was a bet they could not lose. Not only were the bonds
guaranteed by the Puerto Rican Constitution, but under a wrinkle of federal
law, the island’s public corporations and municipalities — unlike those of the
50 states — do not have bankruptcy as a recourse. Drawn by the promise of what was a 20 percent
return, Mr. Paulson’s firm purchased bonds in March 2014, as did Appaloosa
Management, founded by David Tepper; Marathon Asset Management; BlueMountain
Capital Management; and Monarch Alternative Capital. Puerto Rico now owes its
creditors in excess of $70 billion, as much as a third of it is owed to hedge
funds.
Puerto Rico economy: Government
defaults on bond payment
04 Aug 2015
Puerto Rico has confirmed that it failed to make a debt
payment at the weekend, in the latest sign of the economic crisis in the US
territory. The government said it did not have the funds available to pay more
than $50m (£32m) due on bonds. Puerto Rico's governor said in June that the
island's debts of more than $70bn were unpayable and that its finances needed
restructuring. Economists say that Puerto Rico's financial woes run deep and
will take years to sort out .
