The Puerto Rico Monitor Endorses Bernie Sanders For President

The Editor

The Democratic Party Presidential nomination primaries in Puerto Rico take place on March 29th, 2020. While residents of Puerto Rico can't vote in the Presidential election, they can at least have a say in who gets to be the nominee for each of the two major parties. Those Puerto Ricans who are planning on voting in the Democratic primary would do well to use that voice to tell the Democrats that Bernie Sanders needs to be their nominee.

Senator Sanders is the only candidate who is calling for real help for Puerto Rico as it goes through its devastating financial crisis, and is also the only one who has committed to really following through on the desires of the Puerto Rican people regarding the island's relationship with the U.S. He is also for instituting common-sense government programs that nearly every other industrialized country already has: universal health care and free access to state colleges.

Unlike his primary opponents, Bernie Sanders is not owned by the financial industry, and does not take their money. Also unlike others, he is against involving the US (and Puerto Rico) in more unnecessary wars. Senator Sanders is the only candidate  that makes sense, both for the mainland and for its largest colony. A vote for Sanders can spare us more of the insanity and instability of Donald Trump, and also the calculating corruption of the other prospective Democratic nominees. He is truly a people's candidate who stands up for the little guy and the working class. His career in Congress more than proves that.

“When people are suffering and hurting, you don’t continue to squeeze them. We cannot allow Puerto Rico’s budget to be balanced on the backs of the most vulnerable people – working families, veterans, the elderly, children and the poor. It is not only morally wrong, it is also economically unsustainable.”   — Bernie Sanders

For more information on Bernie Sanders' positions on Puerto Rico, go to https://feelthebern.org/bernie-sanders-on-puerto-rico/. And for information on how to participate in the Democratic caucus, email partidodemocratapr@gmail.com or go to https://www.facebook.com/dpcpr/.

Puerto Rico News Digest For July 27, 2016

INDEPENDENCE GROUPS PROTEST DNC

From The San Juan Daily Star:

"Various Puerto Rico diaspora organizations in the greater Philadelphia area
protested outside the Democratic National Convention on Monday against the
Puerto Rico Oversight, Management and Economic Stability Act (PROMESA)
and the establishment of a federal fiscal control board. “The Puerto Rico com-
munity must be heard; the Democrats should know our demands since both De-
mocrats and Republicans have been party to the crimes of the United States ag-
ainst Puerto Rico,” said Berta Joubert, the spokeswoman for the Philadelphia-
Camden Boricua Committee, according to Inter News Service..."

44 INDICTED FOR TRAFFICKING IN MAYAGUEZ

From US Attorney's Office:

" U.S. Attorney for the District of Puerto Rico Rosa Emilia Rodríguez-Vél-
ez announced three indictments and the arrest of 44 defendants charged with
conspiracy to possess with intent to distribute, and distribution of controlled
substances, and possession of firearms. The agencies in charge of the investi-
gation are Homeland Security Investigations (HSI) and the Police of Puerto
Rico (POPR). One of the indictments, returned on July 19, 2016, by a federal
grand jury and unsealed in federal court today, charges 40 individuals with co-
nspiracy to knowingly and intentionally possess with intent to distribute coca-
ine, cocaine base (crack), marijuana, Percocet and Xanax, all within 1,000 feet
of the real property comprising the Columbus Landing Public Housing Project,
all for significant financial gain and profit..."

HOUSE APPOINTS HATCH TO TASK FORCE

From Caribbean Business:

"The House has appointed Sen. Orrin Hatch (R-Utah) to serve as the chair-
man of a bicameral task force charged under the Puerto Rico Oversight, Ma-
nagement and Economic Stability Act (Promesa) with investigating the cau-
ses and possible solutions to Puerto Rico’s debt crisis. The House approved
Hatch’s appointment in a pro forma session Monday afternoon. That session
also formalized the appointments of Reps. Sean Duffy (R-Wis.) and Tom Mac
Arthur (R-N.J.) as the House Republican appointees to the task force. Rep. Ny-
dia Velázquez of New York and Pedro Pierluisi, Puerto Rico’s non-voting rep-
resentative in Congress, are the two House Democratic appointees. In addition
to Hatch, who is chairman of the Senate Finance Committee, Sens. Marco Ru-
bio (R-Fla.), Robert Menendez (D-N.J.) and Bill Nelson (D-Fla.) are members
of the task force..."

POPULAR EARNS $89M IN 2016 2ND QUARTER

From News Is My Business:

"Popular Inc., parent company of Banco Popular, on Tuesday reported net in-
come of $89 million for the quarter ended June 30, 2016, compared to net in-
come of $85 million for the quarter ended March 31,  2016. “We are pleased
to report another solid quarter with strong net income, revenue and credit me-
trics. Also our U.S. operation delivered significant loan growth while mainta-
ining strong credit quality. We are hopeful that recent legislative actions by the
U.S. Congress will be a catalyst in revitalizing Puerto Rico’s economy,” Car-
rión said..."

Puerto Rico 2016 Primary Results

All results provided by the State Electoral Commission.


Democratic Primary

Updated 6/8/16

President

Hillary Clinton                51,862 votes       59.66%

Bernie Sanders              32,946 votes       37.90%

Rocky De La Fuente          300 votes         0.35%

96.42% of units reporting



Popular Democratic Party

Resident Commissioner

Hector Ferrer               88,487 votes      57.70%
Angel Rosa                  64,881 votes 42.30%


New Progressive Party

Governor

Ricardo Rosello               230,034 votes 51.08%
Pedro Pierluisi                 220,279 votes      48.92%


Resident Commissioner

Jenniffer Gonzalez               315,120 votes       70.56%
Carlos Pesquera                  131,469 votes       29.44%

The Puerto Rico Monitor Endorses Bernie Sanders For President

The Editor

The Democratic Party Presidential nomination caucuses in Puerto Rico take
place on June 5th. While residents of Puerto Rico can't vote in the Presidential
election, they can at least have a say in who gets to be the nominee for each of
the two major parties. Those Puerto Ricans who are planning on voting in the
Democratic primary would do well to use that voice to tell the Democrats that
Bernie Sanders needs to be their nominee.

Senator Sanders is the only candidate who is calling for real help for Puerto Rico
as it goes through its devastating financial crisis,and is also the only one who has
committed to really following through on the desires of the Puerto Rican people
regarding the island's relationship with the U.S., whether that turns out to be state-
hood or independence. He is also for instituting common-sense government pro-
grams that nearly every other industrialized country already has: universal health
care and free access to state colleges.

Unlike his primary opponent Hillary Clinton, Bernie Sanders is not owned by the
financial industry, and does not take their money. Also unlike Clinton, he is agai-
nst involving the US (and Puerto Rico) in more unnecessary wars. Senator Sand-
ers is the only candidate that makes sense, both for the mainland and for its lar-
gest colony. A vote for Sanders can spare us the insanity and instability of Donald
Trump and the calculating corruption of Hillary Clinton. He is truly a people's can-
didate who stands up for the little guy and the working class. His career in Congress
more than proves that.

“When people are suffering and hurting, you don’t continue to squeeze
them. We cannot allow Puerto Rico’s budget to be balanced on the backs
of the most vulnerable people – working families, veterans, the elderly,
children and the poor. It is not only morally wrong, it is also economically
unsustainable.”   — Bernie Sanders

For more information on Bernie Sanders' positions on Puerto Rico, go to https://berniesanders.com/issues/puerto-rico/. And for information on how to
participate in the Democratic caucus, email partidodemocratapr@gmail.com
or go to https://www.facebook.com/dpcpr/ and https://www.reddit.com/r/PRFor
Sanders/.

Finalist Donald Trump vs Semifinalist Hillary Clinton: There is Something Missing Here

Feature

TIBERIU DIANU


After the Indiana primaries, on May 3, 2016,  the Republican contender,
Donald Trump, has secured his “presumptive” party nomination for No-
vember general elections. However, not the same thing can be said about
Hillary Clinton. She, in spite of her ardent desire to compete with Trump
on the same national arena, could have not secured a similar position in
her Democratic party yet.

In other words, the Donald is already a general election finalist (from an
initial group of seventeen candidates), but Hillary is – still – a primary el-
ection semifinalist (from an initial group of… three). Trump has managed
to defeat 16 other Republicans, some of them with pedigree, and some of
them respected party rank-and-file members, like popular governors and
senators. While Hillary, in spite of her “inevitability” aura created by the
press, has managed to defeat only Martin O’Malley, who constantly sco-
red below 5% in all Democratic primaries. She, in her own words, could
not “close the deal” with Bernie Sanders. And still all we keep hearing is
about Trump vs. Clinton in the general elections. Is it just my reasoning or
am I missing something here?

Let us clarify some points. Hillary is not going to secure her party nomin-
ation anytime soon. First, Sanders keeps winning states (the last ones, West
Virginia on May 10, and Oregon on May 17), or breaks even (like in Ken-
tucky on the same May 17). He has already created a movement and, for su-
re, he wants to stick around for the July 25 Democratic Convention in Phila-
delphia. It will be interesting to see if this trend holds in the following – pre-
California (June 7) -- weeks, at the party elections in Washington (May 24),
Virgin Islands and Puerto Rico (June 4 and 5). Second, the ongoing FBI in-
vestigation of Clinton’s e-mails is still a powerful factor (some call it “a wild
card”). FBI recent interviews include Clinton’s long-time aide Huma Abedin,
and the Romanian notorious hacker Marcel Lazar, aka Guccifer, extradited in
April from Romania to the U.S.

Therefore, until there is a clear Democratic Party challenger, Trump’s disco-
urse should focus on his policies for the country and restrain from personal
attacks against Hillary. She is not even worth of such attention. She is just a
semifinalist. When she earns the honor of being a finalist, then she is entitled
to ‘personal attacks” against her challenger. I just cannot envision, like in any
sports or competition of any kind, why a loud-mouthed semifinalist like Hill-
ary is given the right to skip stages and, at least on the discourse level, offe-
red the free ride of “competing” for a tournament which she has not qualified
herself in yet.


Tiberiu Dianu is a legal scholar, book author, graduate of the American  University Washington 
College of Law in Washington, DC, the University of Manchester Faculty of Law in Manchester, 
UK, and an exchange scholar of the Oxford University in Oxford, UK. He currently lives in Wa-
shington, DC and works for various government and private agencies. The opinions expressed in 
the preceding article do not necessarily reflect those of The Puerto Rico Monitor, its editors or 
advertisers.

Puerto Rico News Digest For May 19, 2016

AGP DECLARES ROAD AGENCY EMERGENCY

From ABC News:

"Puerto Rico's governor on Wednesday again used a state of emergency 

decree to protect one of the island's struggling public agencies from law

-suits and preserve dwindling liquidity as the U.S. Congress works on a 

bill to restructure the island's $70 billion public debt. The order allows Pu-

erto Rico's Highways and Transportation Authority to suspend the transfer 

of toll revenues to bondholders and imposes a stay on legal claims, Gov. 

Alejandro Garcia Padilla said. That will allow the government to pay con-

tractors and avoid paralyzing safety and improvement projects, he said..."

TOWNS WASTE $35M ON VANITY PROJECTS

From The San Juan Daily Star:

"The Office of the Comptroller said Tuesday that in a period of six years
more than $35 million has been squandered in municipal works and proj-
ects that are not used by the public. The data comes from 35 different si-
tuations in 17 municipalities between 2011 and 2016, according to Inter
News Service. In the municipalities of Culebra, Luquillo, Naranjito and
Vieques, $27.3 million was spent for activity centers, and in Aibonito,
Culebra, Peñuelas, Rincón and Río Grande, $2.3 million was spent for
recreation areas, and in Gurabo, Santa Isabel and Vega Baja, $1.2 million
was spent for the installation of monuments, structures and bronze plaques..."

BILL CLINTON STUMPS FOR WIFE IN PR

From Caribbean Business:

Former U.S. President Bill Clinton promised Puerto Ricans on Tuesday
that his wife, Hillary Clinton, will fight for equal treatment of the econo-
mically struggling island if she’s elected president. He also said she backs
immediate action to restructure the island’s $70 billion public debt as the
local government warns it is running out of money for essential services...
Clinton visited the island ahead of the June 5 primary, and officials say the
Democratic presidential candidate herself will come before the vote. Verm-
ont Sen. Bernie Sanders visited on Monday..."

PR LOSES MAJOR CONVENTION TO ZIKA

From News Is My Business:

"The Internet Corporation for Assigned Names and Numbers (ICANN) conf-
irmed Tuesday the cancellation of its upcoming convention slated to take pla-
ce in San Juan, due to concerns related to the Zika virus, Akram Atallah, first
president of ICANN’s global domains division, said. It is the second consecu-
tive event the organization in charge of coordinating the maintenance and pro-
cedures of several databases related to the namespaces of the internet has relo-
cated this year over the mosquito-borne ailment. Earlier this year, ICANN ann-
ounced it was moving the ICANN56 convention from Panama City, Panama,
to Helsinki, Finland..."

The Puerto Rico Monitor Endorses Bernie Sanders For President

The Editor

The Democratic Party Presidential nomination primaries in Puerto Rico take
place on June 5th. While residents of Puerto Rico can't vote in the Presidential
election, they can at least have a say in who gets to be the nominee for each of
the two major parties. Those Puerto Ricans who are planning on voting in the
Democratic primary would do well to use that voice to tell the Democrats that
Bernie Sanders needs to be their nominee.

Senator Sanders is the only candidate who is calling for real help for Puerto Rico
as it goes through its devastating financial crisis,and is also the only one who has
committed to really following through on the desires of the Puerto Rican people
regarding the island's relationship with the U.S., whether that turns out to be state-
hood or independence. He is also for instituting common-sense government pro-
grams that nearly every other industrialized country already has: universal health
care and free access to state colleges.

Unlike his primary opponent Hillary Clinton, Bernie Sanders is not owned by the
financial industry, and does not take their money. Also unlike Clinton, he is agai-
nst involving the US (and Puerto Rico) in more unnecessary wars. Senator Sand-
ers is the only candidate that makes sense, both for the mainland and for its lar-
gest colony. A vote for Sanders can spare us the insanity and instability of Donald
Trump and the calculating corruption of Hillary Clinton. He is truly a people's can-
didate who stands up for the little guy and the working class. His career in Congress
more than proves that.

“When people are suffering and hurting, you don’t continue to squeeze
them. We cannot allow Puerto Rico’s budget to be balanced on the backs
of the most vulnerable people – working families, veterans, the elderly,
children and the poor. It is not only morally wrong, it is also economically
unsustainable.”   — Bernie Sanders

For more information on Bernie Sanders' positions on Puerto Rico, go to https://berniesanders.com/issues/puerto-rico/. And for information on how to
participate in the Democratic caucus, email partidodemocratapr@gmail.com
or go to https://www.facebook.com/dpcpr/ and https://www.reddit.com/r/PRFor
Sanders/.

Puerto Rico News Digest For May 5, 2016

DEMOCRATS PUSH FOR PR DEBT MEASURE

From Bloomberg:

"House Democrats are stepping up pressure on Republicans to advance legis-
lation addressing Puerto Rico’s worsening debt crisis by issuing a report ar-
guing that austerity cuts can’t be sustained and have made the island more
vulnerable to the mosquito-borne Zika virus. Health-care cuts in response to
the $70 billion debt crisis have created a potentially “disastrous” outcome for
residents and show how further sharp reductions in government spending can’t
be a part of a legislative solution, according to the report released Wednesday
by Democrats on the House Natural Resources Committee..."

TAXI DRIVERS PROTEST UBER IN SAN JUAN

From The San Juan Daily Star:

"The streets of San Juan were clogged with traffic Tuesday during a protest
carried out by taxi drivers against the possible arrival on the island of the com-
panies Uber and Lyft. The demonstration, organized by the Puerto Rico Fede-
ration of Taxis, began Tuesday morning at Luis Muñoz Marín International Air-
port in Isla Verde and proceeded to the Capitol in San Juan. Juan de León, pre-
sident of the federation, said the protest took place because the government so-
ught to “leave behind a sector that has been growing with the development of
our country and has contributed to the treasury to allow the entrance of com-
panies that take out money and don’t contribute anything...”

FEDS WANT PIERLUISI TO RETURN MONEY

From Caribbean Business:

"The Federal Election Commission (FEC) wants Puerto Rico’s Resident Co-
mmissioner in Washington, Pedro Pierluisi, to return more than $91,000 in ge-
neral election donations to his reelection campaign for resident commissioner,
Politico magazine reported Wednesday. The FEC contends that, since Pierluisi
is retiring from his nonvoting position in Congress to run for Puerto Rico gover-
nor, there is no need for him to retain those funds. The Office of Electoral Comp-
troller in San Juan, which oversees campaign fundraising, has also begun an in-
vestigation into Pierluisi’s gubernatorial campaign, specifically whether he rai-
sed money from Wall Street executives and lobbyists without reporting it, Poli-
tico said..."

PR IRKED BY BASEBALL SERIES UNCERTAINTY

From The Tribune-Review:

"Puerto Rico officials on Wednesday expressed indignation over the potential
cancellation of a Pittsburgh versus Miami baseball series scheduled on the is-
land, saying concerns about the Zika virus are overblown. Calling off the ga-
mes would be disrespectful to the family of the late Pirates star Roberto Cle-
mente and, more importantly, could cost the cash-strapped U.S. territory mi-
llions of dollars in lost revenue, lawmakers and tourism officials said. “It's an
outrageous situation,” Rep. Angel Matos, head of the tourism commission for
Puerto Rico's House of Representatives, told the Tribune-Review..."

Puerto Rico News Digest for April 4, 2016

BOXER DE JESUS KILLED IN HATO REY

Boxer Alex 'El Pollo' De Jesus was murdered at approximately 5:46 AM on
Sunday on Belmonte Street, located in the San Jose neighborhood of Hato
Rey, as reported by Metro PR. Police came to the area after receiving calls
reporting gunshots in the area. When they arrived, they found De Jesus's bo-
dy, which showed several bullet wounds. The motive and perpetrators are so
far unknown. De Jesus was 33 years old and left prison in 2014 after serving
four years for a domestic violence conviction.

UNION PREZ ALLEGES GDB PRIVATIZATION

From The San Juan Daily Star:

"The president of the Independent Union of the Government Development
Bank of Puerto Rico, María Teresa Rodríguez, said Thursday that an orches-
trated agenda has existed since last year to privatize the bank with a “delivery
of accounts of the Government Development Bank to Banco Popular.” “The
Government Development Bank [GDB] is one of the most important public
corporations in the country and a motor of economic development on the is-
land,” Rodríguez said in a press release. “The GDB was always a profi table
and sustainable corporation. But the operational part of the bank has been
neglected to such a degree that it has fallen into a liquidity problem because
it has $6.5 billion in accounts receivable and lines of credit to agencies and
corporations as of December 31, 2015...”

SANDERS CAMPAIGN HAS FIRST PR MEETING

From Caribbean Business:

"The first meeting in Puerto Rico of campaign volunteers for Democratic
presidential hopeful Sen. Bernie Sanders was held Saturday night with the
presence of hundreds of supporters from all over the island. During a pre-
sentation led by Betsy Franceschini, regional director for Voto Latino Ber-
nie 2016, a video on Sanders’ campaign principles was played. “As a Bori-
cua, I am proud to return to the island for this campaign. We have been im-
migrants and have learned to fight to protect our rights. For Puerto Rico, San-
ders represents the struggle for a just economy, with the creation of jobs, rai-
sing the minimum wage, health care excellence and educational opportunities
for all,” Franceschini said. She said Sanders “has financed his campaign with
funds from ordinary people, not special interests. The average donation is $27
per donor. That shows who is Bernie...”

PR AGRICULTURE SECTOR A BRIGHT SPOT

From News Is My Business:

"Mired in recession and awaiting a fix for its huge debt crisis, Puerto Rico has
one bright spot in the local economy: Agriculture. With help from the govern-
ment, this sector is contributing new jobs, income, and agricultural products
that are boosting the island’s tenuous food security. Gross agricultural income
rose 24 percent from $739 million in Fiscal Year 2012 to $919 million in Fiscal
2014, the highest income ever reported, according to Secretary of Agriculture
Myrna Comas Pagan. In 2015, “we reached 8,000 new jobs in agriculture. That
sets a precedent,” she said..."

Bernie Sanders Represents Real Hope for Puerto Rico

Huffington Post

Adrian Brito


If you are Puerto Rican, whether you live in the continental U.S or in
the island, you are probably paying close attention to the Democratic
primaries. If you haven’t, now it’s very important that you do. Why?
Because one of the candidates just released the most comprehensive
and detailed plan on Puerto Rico so far in the race for the White House.
That candidate is Bernie Sanders.

Senator Bernie Sanders, the underestimated underdog turned serious
contender for the presidential nomination of the Democratic Party, just
released an impressive plan to address not one, but virtually all of the
Puerto Rico’s main issues. Sanders’ Plan for Puerto Rico is so wide-
ranging and complete that some could say it’s unprecedented for a
presidential hopeful...[CONTINUE READING]

Puerto Rico's Super Sunday

The Atlantic

VANN NEWKIRK


Puerto Rico is not a state. It has no electoral college votes for president,
no senators, and no representatives. After the grind of the 2016 primary
season and the fireworks of post-convention campaigning, November
ballots in Puerto Rico will not feature the names of those running for
America’s highest offices. However, as one of the most important finan-
cial and political crises in Puerto Rico’s recent history unfolds, it is still
primed to make a statement in the presidential race.


Like all other inhabited territories of the United States—Guam, the Uni-
ted States Virgin Islands, the Northern Mariana Islands, and American Sa-
moa—Puerto Rico is part of the primary process for both the Republican
and Democratic parties...[CONTINUE READING]

The Democrats' Plan For Nationwide Municipal Bond Bankruptcy

Commentary 

Richard Lawless


Rahm Emmanuel once said never let a crisis go to waste. The Democratic
Party has fully embraced that concept. They now see a possible solution
for gross fiscal mismanagement and political corruption.

Cities like Chicago or Compton, and states like California, have been buying
votes for decades by promising health benefits, pay raises and pension increa-
ses that could not be supported by the current tax structures. The thinking was
simple: give our supporters what they want and let the next guy figure out how
to deliver on our promises.

Well, the future is now. Chicago is ready to collapse as are over a dozen other
Democratic strongholds.  The voters will not tolerate higher taxes, the states ca-
nnot or will not bail them out. This house of cards is about to fall down.  A so-
lution is needed if the Democrats are to retain power.

Just when all seems lost, a few smart but shifty Democratic power brokers
found their possible salvation, Puerto Rico!

Puerto Rico is in the midst of a financial crisis.  he same old story, mis-
management and corruption.  This time however, Puerto Rico might solve
all the Democrats' problems.  The Democratic Power Elite came up with a
plan. Let’s use Puerto Rico to win the legal right to default on the City and
States municipal bonds.  It’s a great idea.  By declaring bankruptcy, we
can shed 40%-50% of the current debt.  It is like raising money without
raising taxes! Brilliant...

Let’s call it the Puerto Rico Debt Restructure Plan.  It will not only incor-
porate Chapter 9 bankruptcy for the municipal corporations, it will also
include special bankruptcy provisions for the general obligation debt. Once
it is granted to Puerto Rico, we can use it for Chicago and California. The
stupid Republicans will not see it coming.  Even if the Press figure it out,
they will be supportive in their silence.

If anyone contests our demands, we will call them racists!  We can also play
off the fact that Puerto Rico may not have been treated fairly.  Yes, Puerto
Rico is the answer.  Let’s get the press to demonize the bond holders and hed-
ge funds as vultures and run stories about how hospitals and schools will close
and the children will starve.  We own the Press, that will be easy.

We understand that over 50% of these bonds are owned by retired Americans
but someone has to pay for our promises. Let’s make sure the Press ignores
the real impact of this strategy.

Puerto Rico today and a dozen other cities tomorrow.  This doesn’t have to
stop! We could go one for decades with our fiscal mismanagement utilizing
this new bankruptcy strategy. Keep the money flowing, baby...


Richard Lawless is CEO of Commercial Solar Power, Inc. in Temecula, CA. The opinions  expressed  in the 

preceding commentary are exclusively his own and do not represent the  opinions of The Puerto Rico Monitor, 

its editors or advertisers.

Puerto Rico News Digest For January 28, 2016

MORE ZIKA CASES CONFIRMED IN PR

From The San Juan Daily Star:

"[Health Secretary Ana Rius] said cases of the mosquito-borne illness Zika
are also on the rise. Since the first case of the disease with its origins in
Africa was reported in Puerto Rico in December, an additional 17 cases have
been confirmed mostly in southeast part of the island. None of the cases in-
volve pregnant women, Ríus said, according to an AP report, adding that the
Health Department was taking preventive measures against the mosquito-
borne virus, which has been linked to serious birth defects, and was prepa-
red to conduct future testing as more suspected cases are expected in the
future..."

PREPA REVITALIZATION ACT DEADLINE EXTENDED

From Caribbean Business:

"The Puerto Rico Electric Power Authority (Prepa) announced late Wednesday
that it has entered into an amended restructuring support agreement (RSA)
with the Ad Hoc Group of Prepa bondholders, comprising municipal bond in-
vestors and hedge funds, its fuel line lenders, the monoline insurers and the Go-
vernment Development Bank. Prepa also entered into an amended bond purcha-
se agreement with the Ad Hoc Group and the monoline insurers. The amended
agreement, which includes agreements with holders of approximately 70% of
Prepa’s financial debt, extended the deadline to enact the Prepa Revitalization
Act to Feb. 16..."

DEM LAWMAKERS PRESS FOR PR ACTION

From News Is My Business:

"U.S. Senator Maria Cantwell (D-Wash.), ranking member of the Senate Ener-

gy and Natural Resources Committee, along with Minority Leader Harry Reid 

and 44 other Democrats and Independents in the Senate, wrote to Leader Mitch 

McConnell urging bipartisan, legislative action to give Puerto Rico access to 

the appropriate financial restructuring tools. “Puerto Rico is facing severe eco-

nomic, fiscal and liquidity challenges that are placing immediate and growing 

hardships on the island’s 3.5 million U.S.-citizen residents,” the group of law-

makers said in the letter..."

RICKY MARTIN TO GET  STAR ON WALK OF FAME

From Latin Post:

"Puerto Rican music superstar Ricky Martin will be receiving a star on the 

Walk of Fame in Puerto Rico on Feb. 3. According to People en Español, the 

44-year-old singer is the latest Puerto Rican entertainer to be given the honor.

"We continue paying homage to those figures that have given name to our land," 

said Santiago Villar, chairman of the board of the Walk of Fame of Puerto Rico, 

Inc. "We are really pleased that Ricky Martin can give continuity to this project 

which, I believe, can continue until we fulfill our objective of the first phase, 

which consists of the unveiling of 40 stars..."

TWO INDICTED FOR MAIL FRAUD

From US Attorney's Office:

"A Federal grand jury in the District of Puerto Rico returned a twenty-three 

count indictment against Oscar Ferrer (“Ferrer”) and Jonathan A. Rivera-Pa-

dilla (“Rivera-Padilla”) charging them with conspiracy to commit mail fraud, 

mail fraud, and monetary transactions in property derived from specified un-

lawful activity announced Rosa Emilia Rodríguez-Vélez, United States Attor-

ney for the District of Puerto Rico. The United States Postal Inspection Service 

(“USPIS”) and Federal Bureau of Investigation (“FBI”) are in charge of the in-

vestigation. The indictment was unsealed today following the arrest of Ferrer 

in Florida and Rivera-Padilla in Puerto Rico.

These charges resulted from a Ponzi scheme originating in the Cabo Rojo area 

of Puerto Rico and involving the payment of approximately $5.7 million to cor-

porations operated by Ferrer in Puerto Rico and Florida. The corporations, inclu-

ding Reco Financial, Inc., National Western HIA, Inc., and CGB Financial, Inc., 

were utilized to receive victim’s purported investment deposits and to disburse 

the funds to Ferrer and Rivera-Padilla for their own personal use..."

Puerto Rico News Digest For July 1, 2015

'IVU' SALES TAX JUMPS TO 11.5% TODAY

The 'Impuesto sobre Ventas y Uso' sales tax, or 'IVU', increased to 11.5% at
midnight today. Long lines could be seen at stores all over the island yester-
day, as consumers rushed to purchase home improvement materials, school
supplies, tires and numerous other goods before the tax increase. Most non-
prepared food items are exempt from the tax, although prepared foods are
not. The tax increase, voted in recently by the legislature after some acrimo-
nious debate, has so far proved to be very unpopular among many sectors of
the population. The tax was passed into law with the aim of increasing reve-
nue for the financially desperate island government.

SPANISH LANGUAGE BILL DEFEATED 

From The San Juan Daily Star:

The legislation that would declare Spanish as the official language and English
the second official language was defeated in the Senate late last week. Senate
Bill 1177 would have required the use of Spanish in all three branches of gov-
ernment in detriment to the 22 percent of island residents whose first language
is English and may encounter roadblocks in their dealings with the government.
An amended version of the bill was passed in a voice vote but the bill was de-
feated after it got a vote of 12-10 with three abstentions, falling short of the 26
votes needed for approval. The legislation seeks to repeal a 1993 law that decla-
red Spanish and English as offi cial languages of the Government of Puerto Ri-
co, returning to the state of the law in 1902. The 1993 law had the effect that the
government can use either of the two languages in offi cial documents and ins-
criptions.

GOVERNMENT UPDATES FINANCIAL, DEFICIT INFO

From Caribbean Business:

The Puerto Rico government filed late Tuesday a supplement to its quarterly
report submitted May 7 that updates the financial condition of the common-
wealth amid recent developments that have affected the government’s overall
fiscal picture. Among the document’s disclosures, the Government Develop-
ment Bank (GDB) states that the most recent projections point to a fiscal year
2015 budget deficit of $705 million to $740 million, after taking into consi-
deration tax refunds paid “in excess of the reserve included in the budget for
fiscal year 2015.” The government bank had previously estimated to close this
fiscal year with a deficit amounting to about $191 million. The projected de-
ficit doesn’t include nearly $291 million in tax refunds that are currently pen-
ding payment. Moreover, the report adds this figure may be “significantly
higher,” if U.S. generally accepted accounting principles (GAAP) were used.

DEM CANDIDATE O'MALLEY CALLS FOR PR HELP

From PJ Media:

Democratic presidential candidate and former Maryland Gov. Martin O’Malley
wants the U.S. to step in and bail out Puerto Rico. ”As a nation we must help our
fellow U.S. citizens not only because it’s the right thing to do, but because our re-
gion’s economic stability depends on it,” O’Malley said in a statement today, ur-
ging President Obama and Congress to act. “Those who attempt to exploit this
situation to gain a financial or political advantage” would find that “Puerto Rico
will be united against you,” the governor warned creditors. “While Governor Gar-
cia Padilla has taken the courageous first steps to steer Puerto Rico through this
crisis, we must act now to avoid Puerto Rico’s economic collapse,” O’Malley said.