Will Congress Let Chaos Prevail? Countdown to Chapter 9 for Puerto Rico

As Washington debates whether or not to approve access by Puerto Rico to some version of Chapter 9 of the U.S. Bankruptcy Code, the negative implications of a disorderly default looms large on the horizon of both island residents and bondholders. An analysis by CNE of Puerto Rico’s “insanely convoluted” debt structure has found that Read More

What A Debt Default Would Look Like Without Chapter 9 (related documents)

As the clock ticks for Puerto Rico, what would a debt default look like without the recourse of Chapter 9 of the U.S. Bankruptcy Code? With all probability, players will face years of nonpayment, an utterly complex maze of claims and counterclaims, protracted litigation, and a myriad of open, unresolved legal questions. In the following Read More

La ética de la tierra

Por Sergio Marxuach We live in the consciousness of a single self, but in nature there seems to something else, the consciousness of many, of all, the herds and schools, the colonies and hives with myriads lacking in what we call ego but otherwise perfect, responsive only to instinct. Our own lives lack this harmony. Read More

La degradación de COFINA

El 18 de Julio, Moody’s Investors Service degradó la clasificación de los bonos emitidos por la Corporación del Fondo de Interés Apremiante (COFINA). Los “Senior Bonds” y los “Parity Bonds” fueron degradados de Aa2 a Aa3 y los bonos subordinados fueron degradados de A1 a A3.

La secuela de las crisis financieras

Los economistas Carmen M. Reinhart y Kenneth S. Rogoff, en su libro This Time is Different: Eight Centuries of Financial Folly (Princeton University Press, 2009), analizan la dinámica de diversas crisis financieras desde el siglo 13.

Análisis del acuerdo presupuestario entre la Casa Blanca y el Congreso

Ayer la Cámara de Representantes del Congreso de los Estados Unidos aprobó un proyecto de ley para aumentar la cantidad de deuda que el gobierno federal puede emitir y para reducir significativamente el gasto gubernamental durante los próximos diez años.  Se espera que el Senado federal lo apruebe hoy y que el presidente Obama lo Read More