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Monday, June 29, 2015

Puerto Rico News Digest For June 29, 2015


Extreme Measures Considered As PR Hurtles Towards Default

Puerto Rico Governor Alejandro Garcia Padilla told The New York Times in an 
interview published over the weekend that Puerto Rico's $73 billion in public debt
is "not payable". The Governor's admission kicked the financial rumor mill into high
gear, at the same time as a grim report on the island's finances by former IMF econo-
mist Anne Krueger was released to the public. Padilla's administration has been in talks
with the US Treasury Department as well as with creditors and banks, in a desperate
attempt to find alternatives to stem the crisis. Padilla  called the island's mayors and
lawmakers to a meeting this afternoon, which the Governor himself will, curiously,
not attend. Several mayors and lawmakers have already warned the Governor not to
present unilateral solutions at the meeting.

The Krueger Report (available to read here) makes several recommendations for
addressing the fiscal emergency. Among them: calls for restructuring the debt, broad
structural reforms, restoring credibility and economic competitiveness, and a fiscal
oversight board. Krueger is also recommending tax increases, massive government
budget cuts and renegotiating the debt. The report also indicates that Puerto Rico's
budget deficit is very likely much larger than the previously reported $3.65 billion.
Prices for stocks of Puerto Rican banks, as well as those of Puerto Rico municipal
bonds, were down sharply this morning as the markets attempt to process this mor-
ning's news.


From Caribbean Business:

Authorities say 21 monkeys were set free after someone broke a lock on their en-
closures at a primate research facility. Police say the rhesus macaques were  freed
early Sunday from Toa Baja's Caribbean Primate Research Center on PR-867. Ele-
ven of the freed monkeys were found in the premises and 10 have yet to be found,
although the center's director, Dr. Melween Martínez, believes they will return to
their coral by tomorrow. There have been no arrests.


From News Is My Business:

he Internet Corporation for Assigned Names and Numbers, known as ICANN,
will host its third public meeting of 2016 in Puerto Rico, from Oct. 29 to Nov. 4,
the organization announced late last week. “Based on the proposals and analysis,
ICANN has identified San Juan, Puerto Rico as the location for ICANN 57,” the
nonprofit organization confirmed. ICANN was formed in 1998 to oversee the
Internet’s naming system. The nonprofit has participants from all over the world
dedicated to keeping the Internet secure, stable and interoperable. It promotes
competition and develops policy on the Internet’s unique identifiers.


Below is an interactive mapS indicating areas around Caguas that are subject
to water rationing, as well as another map showing areas affected areas in Río
Grande, Loíza and Luquillo. Below the maps you can see the water reservoir le-
vels for today.

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