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Wednesday, August 19, 2015

Puerto Rico News Digest For August 19, 2015


The map above will update automatically throughout the day.

Tropical Depression 4 became Tropical Storm Danny overnight, and re-
gistered maximum sustained winds of 50 mph as of 5:00 AM today. The 
storm is headed straight for the Caribbean, moving west at 14 mph, and 
was located this morning at 11.3N 40.2W. Minimum central pressure was 
estimated at 1000 mb, or 29.53 inches. Danny, which is forecast to stren-
gthen over the warm Atlantic waters, is expected to be approaching Puer-
to Rico between Tuesday and Wednesday. By that time, Danny could have
become a hurricane. No watches or warnings have been issued as of yet.
Keep checking this page and our Twitter feed for the latest information
on Tropical Storm Danny.

11:00 AM AST UPDATE: Tropical Storm Danny located at 11.2N 41.1
W, 1385 miles east of the Antilles, sustained winds are still at 50 mph and
pressure at 1000 mb. The storm is moving to the west at 12 mph. Next
full advisory from the National Weather Service will be at 5PM AST.

5:00 PM AST UPDATE: Danny is now at 11.5N 42.0W, about 1325
miles east of the Antilles, and moving a little more slowly at 10mph,
still moving on a westward track. Maximum sustained winds are hold-
ing at 50 mph, pressure at 1000 mb. Danny could still become a hurri-
cane by Friday.


Dr. Ricardo Rosselló, the 36-year-old youngest son of former Gover-
nor Pedro Rosselló, offered statements yesterday that indicate that
he will be seeking the nomination of the pro-statehood New Progre-
ssive Party for the governorship of Puerto Rico in 2016. The formal
announcement of his campaign will happen tomorrow at Roberto 
Clemente Colisseum. Rosselló has for months criticized the island's 
current leadership and their handling of the economic crisis. "We 
find ourselves before unprecedented challenges. We awaken to see 
that the current decisions are only aggravating the situation. We can 
follow the same path or we can look for a transformative and auda-
tious alternative. The actual political leadership thinks that that alter-
native is default, bankruptcy and taxes. I differ from that direction", 
said Rosselló. 


A letter to Gov. Alejandro García Padilla, where the U.S. Department 
of Justice (DOJ) makes known that since Tuesday, Puerto Rico and 
agencies that administer federal funds received from DOJ programs 
have been classified as high-risk grantees has already generated public 
outcries. "The letter, sent Monday to La Fortaleza, notifies the gover-
nor that after an audit, the DOJ discovered numerous findings indica-
ting questionable costs and significant weaknesses in the management 
capabilities and internal controls in the administration of federal funds," 
said Miguel Hernández Vivoni, New Progressive Party candidate for 
resident commissioner.


La Fortaleza Chief of Staff Víctor Suárez said Monday that the island 
government’s five-year fiscal plan, which is slated to be ready by Aug. 
30, will be divided into three stages. The plan is the basis for a negotia-
tion with Puerto Rico’s bondholders. The STAR learned that it will en-
tail proposals for economic development, labor reform and negotiating 
a moratorium of the debt. The first stage will take two years and con-
sists of the plan’s implementation. The second stage will entail measu-
ring the plan’s performance and changing it, and the third stage will in-
volve maintaining it. 


From CNBC:

Liquidity at Puerto Rico's Government Development Bank (GDB) has 
risen to around $1 billion, the commonwealth's chief of staff said on 
Monday, after dwindling to $778 million as of the end of May.That 
was partly boosted by a deal to raise $400 million in Tax & Revenue 
Anticipation Notes (TRANs), a strict disbursement policy and depo-
sits made by public entities, the governor's chief of staff Victor Suarez 
told reporters.

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