Relevant:
- Puerto Rico requests bankruptcy protection for public debt (LARGEST IN HISTORY)
- Puerto Rico's Debt Is Quietly Sitting in Mom and Pop Mutual Funds as Trump Says "It Will Be Wiped Out"
- U.S. Investment Firms Challenge Puerto Rico Restructuring Law
- Trump's Hedge Fund Grudge Could Save Puerto Rico
- Imploded: Westernbank Puerto Rico, Mayaguez, Puerto Rico
2017-10-08 — theintercept.com
... underneath the doomsday talk is a simpler reality:Â A federal judge is currently overseeing a case that could very easily result in Puerto Rico's debt being entirely or almost entirely wiped out. Before the storm, the judge had already agreed to write down 79 percent of it. Contra Hatch, that is, in fact, the way the economic system works.
And thanks to Trump's comments, which sent Puerto Rican bond prices crashing, hedge funds that own the debt might be lucky to get anything at all. "Now, thanks to President Trump, a court restructuring, where recoveries are up for grabs, suddenly looks positively calming by comparison," offered Bloomberg.
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