According to data released by the Bank of Spain, the Spanish public debt exceeded in the first quarter of 2016 100% of Gross Domestic Product (GDP), for the first time in more than a century. Between January and March, the government accumulated a debt of 1.095 billion euros.
Ten years of recession have made Puerto Rico’s government insolvent and made its economy collapse. The problems of Puerto Rico started before the global crisis emerged in Wall Street and now it contributes to making the crisis public but also, much more serious. Now, it is finally revealing the fiscal and economic failure of the colonial regime and it has caught the nation in a situation which appears impossible to solve.
Last Monday The Supreme Court ruled against Puerto Rico regarding its Debt, and determined that the island cannot turn to Act 71 – which enables some Commonwealth Public Corporation in financial distress to restructure their debt obligations – striking down Puerto Rico law.
The International Monetary Fund (IMF) has issued its clearest warning yet about the global implications of rising corporate debt in China. It came in the form of an address delivered by David Lipton, its first managing director, at a conference in Shenzhen at the weekend.
Now that the media craze surrounding the Paris Agreement has died down, it’s time to step back and ask ourselves what are the main reasons for the failure of these successive summits. Many of the problems are well known, particularly in activist circles, such as our leaders’ absolute belief of in unsustainable economic growth, as well as the way large multinationals and other lobbies insinuate into the hidden complexities of these negotiations.
Source TeleSur / The Dawn News Puerto Rico decided not to pay the 422-million-dollar-debt, the greatest one in the history of the island. It’s due...