GOVERNOR: PR WILL DEFAULT ON $37 MILLION
From News Is My Business:
"The government of Puerto Rico will make most of its $1 billion debt pay-
ment due Jan. 1, defaulting only on some $37 million of the amount, Gov.
García-Padilla said Wednesday. The government will pay some $434 mi-
llion after deductions for capitalized interest and certain federal subsidies
in debt issued or guaranteed by the Commonwealth, also known as Gene-
ral Obligation bonds. To cover the payment, the Commonwealth will use
$174 million in amounts collected via the enactment of clawback provisi-
ons that redirect revenue earmarked for one debt to cover another expense..."
PDP LEADERSHIP INITIATES TRANSITION
From Caribbean Business:
"Former Secretary of State and Popular Democratic Party (PDP) candidate
for governor, David Bernier, officially took office as party president Wed-
nesday afternoon. Bernier met with the president of his transition commi-
ttee, Rep. Jesús Santa, to outline a transition plan prior to the first meeting
of the PDP’s Governing Board, which will take place on January 7th, 2016
...The official transition will take place on January 7th and will culminate
with a public event dedicated to the people..."
PR DRIVER'S LICENCES STILL VALID FOR TRAVEL
From The San Juan Daily Star:
"Department of Transportation and Public Works Secretary Miguel Torres
urged Puerto Rico residents on Tuesday to remain calm as he assured them
that island driver’s licenses remain an accepted form of identification to tra-
vel to the U.S. mainland. “It is a reality that the current license will undergo
changes so they meet Department of Homeland Security standards, but those
changes will take place in the first half of 2016,” he said. Torres’ remarks
came after the U.S. Transportation Security Administration (TSA) announ-
ced it may stop accepting certain state driver’s licenses, including Puerto Ri-
co’s, as identification when clearing airport security as early as Jan. 10..."