The island will not be entitled to Chapter 9 municipal

September 1, 2013

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canada goose black friday sale NEW YORK (Reuters) Federal canada goose clearance sale officials are expected to announce incentives to boost Puerto Rico economy in the next few months, a top legislator from the commonwealth said on Canada Goose Jackets Monday, responding to Canada Goose Coats On Sale investor concerns about the island rising debt costs and buy canada goose jacket cheap bleak growth. canada goose black friday sale

canada goose clearance sale The help is unlikely to include direct financial aid, Puerto Rico Senate President Eduardo Bhatia said at an investor gathering in New York. He did not provide specifics. canada goose clearance sale

Canada Goose Parka The assistance would come in response to the last four years of canada goose coats on sale recession cheap Canada Goose in the Caribbean territory, Bhatia said. It has been given added urgency due to a spike in Puerto Rico debt yields in the recent months, he said. state. state. Canada Goose Parka

Canada Goose Outlet are waiting to hear an announcement from the Treasury and the White House. We know for a fact they have been very aggressively thinking of how canada goose black friday sale to be sure that they can help Puerto Rico send a very strong signal of stability right now, Bhatia told the meeting. Canada Goose Outlet

canada goose deals Puerto Rico has about $70 billion of outstanding debt, or nearly 2 percent of the overall $3.7 trillion municipal bond market. That dwarfs the $18 billion held by Detroit, which roiled the muni market when it filed for municipal bankruptcy earlier this year. canada goose deals

Canada Goose Jackets Puerto Rico debt is canada goose uk outlet held widely by mutual funds, increasing the systemic risk. The island will not be entitled to Chapter 9 municipal bankruptcy. Canada Goose Jackets

canada goose clearance Puerto Rico debt costs have soared this year. In Canada Goose Parka May, canada goose uk shop 30 buy canada goose jacket year general obligation bonds carried a yield of about 5.3 percent and hit a peak of 8.6 percent in mid September. state Puerto Rico debt is rated BBB, one notch above junk. canada goose clearance

ECONOMIC REFORMS Officials in San Juan have embarked on economic reforms intended to show that the Caribbean territory Canada Goose sale will pay its debts, Bhatia said, citing pension reform, changes to tax laws and a reduced government work force.

canada goose coats on sale Bhatia expressed frustration that investors appeared not to canada goose have recognized the reforms, and instead are punishing Puerto Rico with higher borrowing costs. canada goose coats on sale

buy canada goose jacket cheap kind of reform you are making us do is very tough, Bhatia said. we are doing canada goose coats it Canada Goose online because we want to send cheap canada goose uk a signal that we are honoring our debt. buy canada goose jacket cheap

Canada Goose online Bhatia said even if Puerto Rico were in danger of defaulting, the commonwealth constitution stipulates that bond holders are paid before pensioners and government workers. He cited the 2006 crisis in which Puerto Rico uk canada goose bond holders were paid while government workers were not. Treasury and White House, he said. Canada Goose online

Canada Goose sale A Treasury spokesperson told Reuters on Canada Goose Online Monday that the Treasury was monitoring the situation but would not discuss where the monitoring would lead. Canada Goose sale

canada goose the potential for Puerto Rico financial challenges to impact United States markets, including the municipal market, Treasury continues to closely monitor developments, said the spokesperson, who did not canada goose clearance want to be named. canada goose

canada goose store A senior White House administration official said Canada Goose Outlet President Barack Obama task force on Puerto Rico has canadian goose jacket been for a number of canada goose factory sale years to maximize the impact of federal resources on the island. canada goose store

canada goose coats part of its ongoing www.canadagooseoutletjackets.com canadagooseoutletjackets.com work, the task force is canada goose store coordinating with federal agencies to strengthen Puerto Rico fiscal situation and economic outlook, the official said. canada goose coats

cheap Canada Goose Although details about any federal action were thin, analysts at Bank of America Merrill Lynch pointed to a $320 million aid package the Obama administration agreed to for Detroit to help with infrastructure development. In the case of Detroit, a large portion of the aid, which comes from federal, state and private sources, was previously earmarked for the city but delivery was slowed by red tape and other issues. cheap Canada Goose

buy canada goose jacket There have been some positive signs from Puerto Rico economy. Tax revenues for the three months through September rose by $70 million, or 4.4 percent, to a provisional $1.68 billion, the island canada goose uk black friday treasury secretary said on Monday. Bhatia uk canada goose outlet attributed the gain to recent tax reform buy canada goose jacket.

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