Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy
Friday, July 24, 2020
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Title : Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy
link : Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy
The federal board overseeing Puerto Rico's fiscal restructuring is enlarging the U.S. territory's court-supervised bankruptcy, placing its pension organization as well as its transportation means nether courtroom protection.
The Employees Retirement System as well as the Highways as well as Transportation Authority entered a debt-restructuring procedure that amounts to municipal bankruptcy today inwards the federal courtroom inwards San Juan.
The pension system's bankruptcy has implications for hundreds of thousands of authorities retirees as well as pensioners who are upwardly against bondholders inwards the renegotiation of Puerto Rico's debts.
Estimates vary equally to the size of the gap betwixt what the pension fund's assets as well as its promises to its beneficiaries, exactly Puerto Rico projects the unfunded liability at to a greater extent than or less $45 billion, the production of years of deficient funding past times authorities employers. ERS too owes $3 billion to bondholders. The highway means owes to a greater extent than or less $6.3 billion inwards debt, including $1.8 billion to Puerto Rico's insolvent industrial evolution bank, according to the oversight board.
Puerto Rico as well as its agencies owe to a greater extent than or less $73 billion inwards bond debt, dwarfing the to a greater extent than or less $9 billion owed past times the metropolis of Detroit when it entered what was previously the largest municipal bankruptcy inwards 2013.
This is probable a prelude to fiscal problems for mainland US governments as well as pension funds. Most shaky are the states of Illinois, Connecticut, as well as California.
-RW
(Source;MarketWatch)
You are now reading the article Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy with the link address https://inspirationsbymeforyou.blogspot.com/2020/07/now-puerto-rico-employee-retirement.html
Title : Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy
link : Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy
Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy
Things keep getting worse on what should survive an isle paradise. (Thank you, crony authorities planners.)The federal board overseeing Puerto Rico's fiscal restructuring is enlarging the U.S. territory's court-supervised bankruptcy, placing its pension organization as well as its transportation means nether courtroom protection.
The Employees Retirement System as well as the Highways as well as Transportation Authority entered a debt-restructuring procedure that amounts to municipal bankruptcy today inwards the federal courtroom inwards San Juan.
The pension system's bankruptcy has implications for hundreds of thousands of authorities retirees as well as pensioners who are upwardly against bondholders inwards the renegotiation of Puerto Rico's debts.
Estimates vary equally to the size of the gap betwixt what the pension fund's assets as well as its promises to its beneficiaries, exactly Puerto Rico projects the unfunded liability at to a greater extent than or less $45 billion, the production of years of deficient funding past times authorities employers. ERS too owes $3 billion to bondholders. The highway means owes to a greater extent than or less $6.3 billion inwards debt, including $1.8 billion to Puerto Rico's insolvent industrial evolution bank, according to the oversight board.
Puerto Rico as well as its agencies owe to a greater extent than or less $73 billion inwards bond debt, dwarfing the to a greater extent than or less $9 billion owed past times the metropolis of Detroit when it entered what was previously the largest municipal bankruptcy inwards 2013.
This is probable a prelude to fiscal problems for mainland US governments as well as pension funds. Most shaky are the states of Illinois, Connecticut, as well as California.
-RW
(Source;MarketWatch)
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You are now reading the article Now Puerto Rico Employee Retirement Organisation Files For Bankruptcy with the link address https://inspirationsbymeforyou.blogspot.com/2020/07/now-puerto-rico-employee-retirement.html