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Thursday, December 17, 2015

Puerto Rico News Digest For December 17, 2015


From Caribbean Business:

"Some 48 hours after Gov. Alejandro García Padilla announced he would
not seek a second term as governor, former Secretary of State David Ber-
nier announced Wednesday afternoon he will be the Popular Democratic
Party’s (PDP) candidate for governor in the 2016 general election. “Wel-
come to my parents’ home and to my hometown of Patillas. I’m very ha-
ppy to be able to announce, without a script, without a teleprompter and
with great determination, that I have decided to run for governor,”  said
Bernier while sitting in his parents’ living room in the San Benito urbani-
zation, in Patillas, where he grew up. Bernier made his announcement in
his parents’ home in Patillas, on the southeastern coast of Puerto Rico..."


From The San Juan Daily Star:

"The crews of a Coast Guard rescue helicopter and a Puerto Rico Police
marine unit rescued fi ve people Monday afternoon from rough waters on
the northern coast of Puerto Rico just off the Mar Chiquita Beach rock cliff
in Manatí. The Coast Guard made the announcement Tuesday. Rescued are
three Kazakhstani nationals, two women and a man, who reportedly were
caught in a strong rip current with two other men, U.S. citizens, who had
dove into the water to render assistance..."


From News Is My Business:

"The decision announced Wednesday by the Federal Reserve System to
increase interest rates by 25 basis points “does not represent a significant
impact” on Puerto Rico’s economy or for bank customers, Puerto Rico
Bankers Association Executive Vice President Zoimé Álvarez-Rubio said.
The Federal Reserve’s first rate hike in nine years is based on the strong
growth of the U.S. economy, and will likely be the first of several to be
introduced gradually next year. “The economic reality that Puerto Rico is
experiencing is not impacted by this decision by the Federal Reserve,”
Álvarez-Rubio said..."


From NPR:

"A massive tax and spending bill, designed to keep the U.S. government
running for months, doesn't include any direct debt relief for struggling
Puerto Rico. The unincorporated U.S. territory is struggling to make pay-
ments on $72 billion of debt. There are serious concerns that the island
may default on Jan. 1, when more than $900 million comes due (includ-
ing over $350 million the Puerto Rican government is constitutionally
obligated to pay). The island only narrowly managed to make a $350
million payment on Dec. 1. Some lawmakers had proposed that muni-
cipalities in Puerto Rico be permitted to declare bankruptcy. Currently,
that option is available to cities in U.S. states, but not to municipal enti-
ties in U.S. territories..."

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