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Puerto Rico has become much more than a vacation destination for anyone who invests their money on Wall Street, plans for retirement using pension funds, or even pays taxes. While government officials grapple with strategies for addressing Puerto Rico’frate batacchio forex with heiken ashi chart massive debt load, they are left paralyzed by the inaction that stems from the fear that a step toward addressing the financial crisis would tip the balance either toward or away from becoming a state. For evidence of the conundrum you can look no further than the decision-making related to accepting tax breaks from the continental US to boost revenue. One of the earliest sparks for Puerto Rico’s financial demise was lit in 1996, when President Bill Clinton repealed the legislation that gave tax incentives for US companies to locate facilities in Puerto Rico.

A related wrinkle comes into play as the market debates the benefits of a federal bailout. Puerto Rico’s default could be far more disruptive than Detroit’s record bankruptcy, experts tell Debtwire. Lastly, indecisiveness on the issue impacts what could be the most efficient mechanism to remedy the financial woes. With Puerto Rico being a territory and not a municipality, it cannot even file for bankruptcy according to federal law. This means that any type of debt restructuring would unfold in an uncontrolled way a la Greece or Argentina. The statehood stalemate could have a devastating effect on Wall Street if it also results on a standstill over how to balance the budget and also keep up with debt obligations.

70 billion of debt in the tax-exempt municipal bond market, which has been picked up by state-specific bond funds across America. Today around 70 percent of US mutual funds own Puerto Rico securities, according to Morningstar. These funds were looking to increase their yield with the commonwealth’s bonds, which are exempt from state, local and federal taxes. With the territory stuck in limbo, the fact of Puerto Rico’s public corporations stepped into focus last week when the governor surprised the market by presenting a last-minute bill that would provide an avenue for restructuring to public agencies and utilities but not to the commonwealth itself. Access premium XE Services like Rate Alerts. Puerto Rico has become much more than a vacation destination for anyone who invests their money on Wall Street, plans for retirement using pension funds, or even pays taxes.

While government officials grapple with strategies for addressing Puerto Rico’s massive debt load, they are left paralyzed by the inaction that stems from the fear that a step toward addressing the financial crisis would tip the balance either toward or away from becoming a state. For evidence of the conundrum you can look no further than the decision-making related to accepting tax breaks from the continental US to boost revenue. One of the earliest sparks for Puerto Rico’s financial demise was lit in 1996, when President Bill Clinton repealed the legislation that gave tax incentives for US companies to locate facilities in Puerto Rico. A related wrinkle comes into play as the market debates the benefits of a federal bailout.

Puerto Rico’s default could be far more disruptive than Detroit’s record bankruptcy, experts tell Debtwire. Lastly, indecisiveness on the issue impacts what could be the most efficient mechanism to remedy the financial woes. With Puerto Rico being a territory and not a municipality, it cannot even file for bankruptcy according to federal law. This means that any type of debt restructuring would unfold in an uncontrolled way a la Greece or Argentina. The statehood stalemate could have a devastating effect on Wall Street if it also results on a standstill over how to balance the budget and also keep up with debt obligations. 70 billion of debt in the tax-exempt municipal bond market, which has been picked up by state-specific bond funds across America.