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Wednesday, December 2, 2015

Puerto Rico News Digest For December 2, 2015


GDB MEETS SCHEDULED DEBT PAYMENT
















From Caribbean Business:

"The Government Development Bank for Puerto Rico (GDB) announced
Tuesday that it paid all principal and interest payments due Dec. 1 on cer-
tain outstanding GDB notes. In addition, the Gov. Alejandro García Padi-
lla signed Executive Order No. OE-2015-46, which provides that the co-
mmonwealth will begin to redirect certain revenues "in light of recently
revised revenue estimates and its deteriorating liquidity situation." Pursu-
ant to the order, certain available revenues that have been budgeted to pay
debt service on the debt of certain public corporations may be redirected,
pursuant to constitutional requirements, to pay public debt, or debt issued
or guaranteed by the commonwealth..."


US SENATE HOLDS ANOTHER PR HEARING


From The Hill:

"Puerto Rican officials struck a dire tone about the island’s fiscal state be-
fore lawmakers Tuesday as the territory flirts with a catastrophic default.
On the same day Puerto Rico was due to make a $355 million payment
on its general obligation bonds, island officials were in Washington again
urging lawmakers to provide support to the debt-burdened territory. “Let
us be clear, we have no cash left,” said Gov. Alejandro García Padilla be-
fore the Senate Judiciary Committee. “The emergency measures we have
taken to avoid default and maintain essential services are unsustainable...


GOVERNOR MUM ON POLITICAL FUTURE


From The San Juan Daily Star:

"Gov. Alejandro García Padilla refused on Monday to talk about his politi-
cal future and said the government does not know yet if it will pay Christ-
mas bonuses to public workers. “The announcement will be made in due
course, when it is appropriate,”he said at a news conference. The governor
returned Saturday from a trip to Europe to promote investment in Puerto
Rico..."


COMPANIES ASK FOR XMAS BONUS WAIVER


From News Is My Business:

"About 950 Puerto Rico-based private-sector companies have asked the De-
partment of Labor and Human Resources to be exempted from paying this
year’s Christmas bonus, the agency revealed Tuesday. This year’s prelimi-
nary number exceeds last year’s applications by 86, the agency’s Labor
Standards division further said..."


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