WATER RATIONING OVER FOR LA PLATA
Puerto Rico's water utility, AAA, has announced the end of water
rationing for users served by the La Plata reservoir, due to heavy and
consistent rains over the area over the last few weeks. Rationing offi-
cially ended yesterday (Sunday), as rains over the weekend brought
the reservoir close to the point of overflowing. The Carraízo reser-
voir, which serves parts of the San Juan metro area along with La
Plata, had to have some of its floodgates opened to let out excess
water.
OBAMA RESCUE PLAN COULD EXCEED $5B/YEAR
From The San Juan Daily Star:
"The prospects for the Obama Administration plan moving forward
appear to be slim. The U.S. Treasury on Wednesday released a list
of proposals it wants Congress to enact to help the U.S. territory,
such as healthcare funding measures, tax and bankruptcy legislati-
on, and the earned income tax credit for residents. But without bi-
partisan support in Congress, Treasury is limited in what it can ach-
ieve, and anything that smells like a bailout for the island, struggling
with a $70 billion debt, is unlikely to get support, according to
Reuters..."
SECRETARY OF STATE BERNIER RESIGNS
From Caribbean Business:
"Puerto Rico State Secretary David Bernier announced Sunday that
his resignation will be effective Oct. 30. Bernier said, "I intend to as-
pire to elective office and I want my judgment and not a date to de-
termine my decision...As far as I'm concerned, I now have the nece-
ssary space, uninvolved with government to determine how I can ser-
ve the country," he said, emphasizing that he will not face the gover-
nor in the primaries, while also ruling out challenging Héctor O'Neill,
the mayor of Guaynabo, where Bernier resides..."
POPULAR & ORIENTAL REDUCE GOV'T EXPOSURE
From News Is My Business:
"Puerto Rico’s two largest banks — Banco Popular and Oriental —
confirmed separately on Friday that they’re working to reduce their
exposure to risk associated with the island’s government, which they
have financed in different capacities over the years. During discussi-
ons with analysts about their quarterly results, the top executives at
each bank said they are watching over the government’s declining li-
quidity and threat of a shutdown or default on its upcoming bond pay-
ments..."
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