May 2 - Puerto Rico is set to default on most of $422 million in debt payments due. Nov 18 - Jubilee Executive Director Eric LeCompte addresses the Puerto Rico oversight board and urges debt restructuring that reduces poverty and grows Puerto Rico's economy. The debt crisis in Puerto Rico has also put a spotlight on discriminatory policies affecting persons with disabilities. Puerto Rico is not the first, and won't be the last debt crisis. Puerto Rican Governor Alejandro García Padilla declares the island's debt "unpayable", Standard and Poor's cuts Puerto Rico's debt to "CCC Minus", Former World Bank Chief Economist Anne Krueger releases a report, strikes down Puerto Rico's "Recovery Act,", introduces HR 870, the Puerto Rico Chapter 9 Uniformity Act, downgrade Puerto Rico's bonds to "junk" status. How Puerto Rico's Debt Created A Perfect Storm Before The Storm For years, the nation's largest banks made millions off Puerto Rican debt as the … The people of Puerto Rico — who are, of course, U.S. citizens — have been and remain in very serious trouble. Here's the latest on the crisis. Nearly 40 inches of heavy rainfall, gusts in excess of 110 miles per hour, storm surges, and flash flooding hit the island all at once. The debt crisis has been so severe to the point of nearly crippling the island’s economy. Aug 12 - The US declares a public health emergency in Puerto Rico due to the Zika virus. Luis Fortuño instituted major austerity measures, laying off tens of thousands of public employees. About 40% of its residents live in poverty , and the median household income in 2017 was $19,775 . Puerto Rico is hoping to reduce $123 billion in debt and pension ... Puerto Rico Debt Crisis: ... Bond-insurance companies guarantee a portion of Puerto Rico’s debt in the event of a default. Read Eric LeCompte's speech. June 29 - Puerto Rican Governor Alejandro García Padilla declares the island's debt "unpayable" and pledges to release a debt restructuring plan by August 30th. June 27 - US Senate faces Puerto Rico vote before July 1 deadline. Panelists talked about Puerto Rico’s debt crisis, as well as ways the U.S. could help the territory achieve financial… May 6, 2016 Newsmakers with Puerto Rican Governor Padilla Mar 4 - Jubilee USA launches its Puerto Rico radio spots in the critical presidential primary state of Florida after debuting the ads in Texas. The government of Puerto Rico has a large debt crisis that is affecting its development. Feb 10 - A group of bond holders make a counter offer to Puerto Rico's original restructuring proposal. But it really skyrocketed in the the past decade, when total debt went from an already hefty $43.5 billion in 2006 to over $70 billion by 2014. The large debt has led to an increment in the government’s debt to GDP ratio. Origins of the Puerto Rico Fiscal Crisis Email Facebook Twitter LinkedIn. Last ... Puerto RicoÕs Economic Crisis Timeline Last Viewed by First Circuit Library on 2/19/2019. A heavily indebted island weighs on America’s municipal-bond market. Jan 18 - The financing gap for Puerto Rico widens from $14 billion to $16.1 billion over the next ten years. In August 2015, we launched a campaign with Puerto Rico's religious leaders to address the crisis. June 16 - Religious leaders from Puerto Rico and across the United States meet with senators to urge their support for legislation to restructure the island's debt. Oct 3 - A Puerto Rico government commission raises concerns over alleged illegalities and accounting issues in $673 million of bonds issued in 2013. A Category 4 storm, Maria made landfall on Puerto Rico on September 20, 2017. The debt crisis is not new and has been building for years as the government covered its budget deficits with bond sales. July 1 - Puerto Rico's public utility, the Puerto Rico Electric Power Authority (PREPA) reaches a deal with its creditors to avoid default. However, what's different about this one is both the exit plan and the debt obligations. Witnesses include Jubilee USA Executive Director Eric LeCompte, former Washington D.C. Mayor Anthony Williams and Professor Simon Johnson. You can watch the forum, read Eric's remarks or see event details. Apr 6 - Puerto Rico’s electric company and bondholders agree on a debt deal. The committee is expected to discuss the Obama Administration's bankruptcy, tax and health care reform proposals and could also consider a Republican-led proposal that is not yet public. Puerto Rico has been in a recession since 2006 (Caruso-Cabrera, 2013). Nov 17 - Puerto Rico's legislature passes a bill that creates a new fiscal oversight board under the leadership of the island's Governor. Mar 9 - The federal Puerto Rico Oversight board rejects the Governor's fiscal plan. Puerto Rico’s native Taíno population—whose hunter-gatherer ancestors settled the island more than 1,000 years before the Spanish arrived—called it Borinquén, and referred to themselves as boricua (a term that is still used today).During his second expedition to the Indies in 1493, Christopher Columbus returned several Taíno captives to Borinquén and claimed the island for Spain, calling it San Juan Bautista. The island's taxpayers are currently on the hook to pay back about $50 billion. Sep 2 - Puerto Rico's troubled public utility company and its creditors agree to restructure $5.7 billion in debt, reducing debt and delaying payments in exchange for stronger assurances of repayment. Puerto Rico's citizens leaving the island to search for economic opportunities on the US mainland. June 28 - The US Conference of Catholic Bishops, Catholic Charities and Jubilee USA write letters to the Senate urging passage of PROMESA. May 24 - House Committee on Natural Resources begins markup on the new version of PROMESA. July 31 - Puerto Rico's non-voting Congressional representative, Pedro Pierluisi, introduces HR 870, the Puerto Rico Chapter 9 Uniformity Act, to give Puerto Rico's public entities access to US municipal bankruptcy protection. Tens of thousands of Puerto Rico's people leave the island each year. The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Ricoto "junk status" after the government was unable to demonstrate that it would be able to pay its debt. It seeks to reduce child poverty on the island and provides strong bankruptcy tools to return the debt to sustainable levels. June 7 - San Juan Archbishop Roberto González Nieves publishes an op-ed on Puerto Rico's debt crisis and the island's political status. Mar 11 - Jubilee USA's Puerto Rico radio spots launch in Spanish in Florida. The U.S. territory of Puerto Rico has made many attempts to reduce its debt burden and save its economy. Oct 14 - Puerto Rico's governor files a fiscal plan with the oversight board. Its people are our people - American citizens facing increased austerity, population drain, poverty and health crises. ... Pelosi said Democrats made one more "last-ditch effort" to include something in the bill that would address the debt crisis in Puerto Rico. About 40% of its residents live in poverty , and the median household income in 2017 was $19,775 . Puerto Rico has a new plan to get out of its massive debt crisis: Use a big eraser. In Puerto Rico's Debt Crisis, There Are No Easy Solutions After years of recession and rampant tax evasion, the U.S. territory is desperate to renegotiate its $73 billion debt. Fortunately, Puerto Rico’s case is fairly unique. Passing this legislation was an important first step toward building Jubilee in Puerto Rico - but it is not the last step. Treasury denies the reports. If you want to know what's happening in Puerto Rico, Anne Krueger is where you must start. Its unsustainable debt load, stagnating economy, astronomical cost of living, and high poverty rates have made it nearly impossible for many working families to remain on the island. Now Jubilee USA is working to hold the new congressional oversight board and task force on economic growth accountable - to ensure that Puerto Rico can fully restructure its debt, grow its economy and reduce child poverty. This article is more than 5 years old. A federal control board that oversees Puerto Rico's finances filed a long-awaited plan that would reduce the U.S. territory's debt by more than 60 percent and pull the island out of bankruptcy . Apr 25 - Puerto Rico religious leaders call for bankruptcy ahead of "vulture fund" deadline. Dec 1 - Puerto Rico avoids default on a $354 million debt payment. Sep 30 - Puerto Rico's Archbishop and the General Secretary of its Bible Society meet with lawmakers and White House Chief of Staff Denis McDonough in Washington to advance their proposed solutions to the island's debt crisis. Puerto Rico Governor Alejandro Garcia Padilla put investors on edge on June 29 by saying that he wants to restructure the island's debt and postpone bond payments to relieve its fiscal problems. The Puerto Rico Debt Crisis, Explained. May 23 - Reverend Heriberto Martínez writes about Puerto Rico's crises and bankruptcy process. May 17 - Puerto Rico's title III bankruptcy process begins. Dec 16 - Bankruptcy provisions for Puerto Rico are noticeably absent from the "omnibus" spending deal. While the island’s significant fiscal problems have overshadowed the status debate lately, some press coverage is ultimately finding its way back to questions involving Puerto Rico status as U.S. territory and the impact that status has had in causing and resolving current... Read more » This legislation would not have passed (or been significantly improved over earlier drafts) without the leadership of Puerto Rico's religious leaders - and your phone calls and messages to Congress. Jubilee USA remains one of the most active organizations working to end this crisis and prevent devastating austerity on the island. Mar 17 - Puerto Rico's Governor says Congress should protect the territory from debt litigationuntil proposed Congressional solutions to its serious debt crisis are in place. June 29 - The Senate votes to advance Puerto Rico debt crisis legislation for a final vote. Mar 14 - Religious leaders urge Congress to act on Puerto Rico’s debt crisis. July 26 - A group of economists led by former International Monetary Fund official Claudio Loser releases a report commissioned by a group of hedge funds arguing Puerto Rico can resolve its debt crisis without defaulting. San Juan's Catholic Archbishop and Evangelical Bible Society head write letter to the presiding Judge. Oct 26th 2013. Puerto RicoÕs Economic Crisis Timeline. Thousands of Puerto Ricans have been forced to leave Puerto Rico because of the difficulties that they have … reaches a deal with its creditors to avoid default. July 15 - A group of hedge funds invested in Puerto Rico's public entities form an "ad hoc group" to protect their investments. Puerto Rico Governor Alejandro Garcia Padilla put investors on edge on June 29 by saying that he wants to restructure the island's debt and postpone bond payments to relieve its fiscal problems. A data appendix provides annual Puerto Rico debt totals from 1910 to 2015 gathered from commonwealth annual reports and other historical sources. The Puerto Rico Oversight Board discusses economic growth proposals for the island. ", Your Gift = Poverty, COVID, Inequality, Climate Crisis Response. The ratio has risen to about 68% in the past few years. This is the only process in existence that can deal with 100% of the debt, protect essential services and stop vulture funds. Puerto Rico is embroiled in a humanitarian crisis that is leading to a mass exodus from the island, with a planeload of people leaving with one-way tickets every day. Gov. We are proud to have partnered with organizations like the United States Conference of Catholic Bishops, Catholic Charities USA, Caritas Puerto Rico and religious leaders from across the US mainland and Puerto Rico to push for legislation that addressed the crisis and put Puerto Rico's people first. How did Hurricane Maria contribute to Puerto Rico’s debt crisis? The average debt/GDP ratio of the fifty states is 7.2%, far below Puerto Rico’s level of debt. Sept 2 - Jubilee USA and religious leaders in Puerto Rico submit suggestions to the Congressional Task Force on Growth. On May 3, Puerto Rico's Governor and oversight board initiated the Title III bankruptcy process. 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