Puerto Rican government-debt crisis

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you… it's absolutely terrible, because really don't wanna face – they want, they can give promises now which translate into votes, and they don't really have to with the pensions they really don't have to deliver on those until they're long gone. And Puerto Rico, they've been kicking the can down the road for a long time, and they even raised new money, I think, not much more than a year ago, a very high price for hedge funds. The answer to financial problems is not more borrowing, more borrowing, but they'll do it as long as they can and finally the day of reckoning comes and it would have been so much easier to tackle the problem earlier and no, you know, you got all different classes of bondholders and other claimants and they're gonna fight like crazy. Charlie always says, he says, "an ounce of prevention is worth a ton of cure," and now you're in the cure stage in Puerto Rico." Becky Quick: "I mean this is a messy situation and I think it affects a lot of people because plenty of people own Puerto Rican bonds, something that was seen as completely safe." Munger: "We don't own many." Quick: "What's the fix at this point? Should the US get involved?" Munger: "I haven't idea what the fix is. All I know is that it's going to be ferociously difficult and involve nasty compromise." Quick: "Is this a situation you see playing out through other states, other municipalities or is this a one-off? Munger: "Well, I am no expert. I am an expert in avoiding this kind of thing. Conduct myself so it doesn't happen. And the people in Puerto Rico behaved a lot like the people in Greece, and, of course, they got in trouble. And I'm not an expert in getting out of that." Buffet: "Charlie is a huge believer in facing up your problems early." Munger: "Absolutely." Buffet: "He gives me this lecture all the time. And he's right." Munger: "Yeah, they should've never been here, but you can't expect politicians to behave like Buffetts." Quick: "To behave like?" Munger: "Buffetts!" Quick: "Buffetts, oh I thought you said…" Munger: "Buffetts have a fiscal discipline that our politicians don't have. They buy votes with promises that are gonna cause terrible problems later."

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debts, including bonds, since 2015. By mid-January, the cash-strapped government was having difficulty maintaining health care funding. "Without action before April, Puerto Rico's ability to execute contracts for Fiscal Year 2018 with its managed care organizations will be threatened, thereby putting at risk beginning July 1, 2017 the health care of up to 900,000 poor U.S. citizens living in Puerto Rico," according to a letter sent to Congress by the Secretary of the Treasury and the Secretary of Health and Human Services. They also stated, "Congress must enact measures recommended by both Republicans and Democrats that fix Puerto Rico's inequitable health care financing structure and promote sustained economic growth."

97:'s budget. As the PROMESA board began to exert that control, the Puerto Rican government sought to increase revenues and reduce its expenses by increasing taxes while curtailing public services and reducing government pensions. These measures provoked social distrust and unrest, further compounding the crisis. In August 2018, a debt investigation report of the Financial Oversight and management board for Puerto Rico reported the Commonwealth had $ 74 billion in bond debt and $ 49 billion in unfunded pension liabilities as of May 2017. Puerto Rico officially exited bankruptcy on March 15, 2022. 887:, suspended payments due on July 1. PROMESA enables the island's government to enter a bankruptcy-like restructuring process and halts litigation in case of default. The task of the Oversight Board is to facilitate negotiations, or, if they fail, bring about a court-supervised process akin to a bankruptcy. The Board is also responsible for overseeing and monitoring sustainable budgets. The Oversight Board can also institute hiring freezes, prohibit the Commonwealth from entering contracts, and sell off assets such as (controversially) public parks. The Oversight Board meets in 643: 841:, blocking a $ 422 million payment due" the next day, its largest missed payment up until then. The next programmed payment was due July 1, when "nearly $ 2 billion due, roughly $ 800 million of which of general-obligation bonds that carry an explicit guarantee by the Puerto Rican Constitution," which would have permitted bondholders to file lawsuits if the Puerto Rico Oversight, Management and Economic Stability Act were not enacted into law. Following the 36: 1000:, protesting residents, angry about the proposed subsidy cuts, shouted, "Ricky is selling the island!" As soon as a court stay expired on May 2, 2017, bondholders and a bond insurer sued the Commonwealth for full and timely debt repayment. On May 3, Rosselló reacted by asking the Oversight Board to file in federal district court for debt relief under PROMESA, proceedings, which would be very similar to bankruptcy. On May 5, Chief Justice 973:

catastrophe" would be "all but guarantee." Stieglitz and Guzman proposed for steps to enhance economic growth, not repayments, to be at the center of a viable plan to solve the crisis. Similarly, an internal survey conducted by the Puerto Rican Economists Association revealed that most Puerto Rican economists rejected the policy recommendations of the Board and the Rosselló government on similar grounds. Owners of the Commonwealth's

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pre-emptive measures slowed the damage of the downgrade's fallout. When the downgrade began to be perceived as imminent, investors were warned that it would affect the municipal market in general, and concerns of a worst-case default scenario were already being considered. However, by the end of February 2014, municipal bond funds that relied on specific debt had already experienced the backlash, which left

1173:§3 " all bonds issued by the government of Porto Rico, or by its authority, shall be exempt from taxation by the government of the United States, or by the government of Porto Rico or of any political or municipal subdivision thereof, or by any state, or by any county, municipality, or other municipal subdivision of any state or territory of the United States, or by the District of Columbia." 571:. The legislative assembly, together with the governor, also reduced operating deficits, and reformed the public employees', teachers', and judicial pension systems. They also announced the intent to further reduce appropriations in the current fiscal year by $ 170 million and budget for balanced operations for the upcoming fiscal year. As another countermeasure, the 900: 398:

significantly affect its ability to forecast expenditures. Similarly, salaries for government employees tend to be quite disparate when compared to the private sector and other positions within the government itself. For example, a public teacher's base salary starts at $ 24,000, but that of a legislative advisor starts at $ 74,000.

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the restructuring. The governor also planned to negotiate restructuring of about $ 9 billion of electric utility debt, a plan that could result "in a showdown with insurers." Political observers suggested that his negotiation of the electrical utility debt indicated Rosselló's intention to take a harder line with creditors.

493:. There is a significant disparity in federal funding for these programs compared to the 50 states, a situation that Congress started in 1968, when it placed a cap on Medicaid funding for US territories. That has led to a situation in which Puerto Rico might typically receive $ 373 million in federal funding a year, but 883:, or PROMESA, which empowered him to appoint a seven-member Financial Oversight and management board, with ultimate control over the Commonwealth's budget and the power to negotiate the Commonwealth's debt restructuring. With the protection that the bill gave from lawsuits, the governor of Puerto Rico, 3498:

Warren Buffett: "The problem with municipal finance generally is that, you know, Neville Chamberlain said "not in our time," in terms of peace and, basically, many politicians think "not in my time" when they're dealing with fiscal matters. The pension situation, first states, then cities, and so-on,

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and Martin Guzman, who claimed that the Board lacked "any understanding of basic economics and democratic accountability." With the Board's focus on debt service leading to a predicted 16.2% decline in gross national income for the next fiscal year with a further decline expected, "a social economic

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commissioned an analysis of its financial problems asking for solutions that resulted in the "Krueger Report" published in June 2015. The report called for structural and fiscal reforms as well as for a restructuring of outstanding debts. One month later, a report was published that rejected the need

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Ruiz Kuilan (2014; in Spanish) "La portavoz de la minoría penepé en la Cámara, Jenniffer González sostuvo que junto con el gobernador el mensaje que se pretende difundir es uno alarmista para inquietar al País y que al final se tomen medidas menos severas. De esa forma, dijo González, el pueblo "no

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GDB (2014) "On several occasions the Commonwealth has failed to comply with its continuing disclosure obligations on a timely basis. For example, the Commonwealth has failed to file the Commonwealth's Annual Financial Report before the 305-day deadline in nine of the past twelve years, including the

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Puerto Rico received authority from the federal government to reduce its debt with legal action and this may make creditors more willing to negotiate instead of becoming embroiled in a long and costly legal battle. In late January, the Oversight Board set up under PROMESA gave the Commonwealth until

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reported that "U.S. and Puerto Rican authorities were discussing the possibility of issuing a "superbond" as part of a restructuring package". This plan would have a designated third party administer an account holding some of the island's tax collections and those funds would be used to pay holders

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and the monetization of government-owned buildings and ports. The report made use of data of the Krueger Report and warned that the costs of default would be high. One of the authors opined that Puerto Rico has been "massively overspending on education". Detractors remark that Puerto Rico's spending

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to "junk status" after the government was unable to demonstrate that it could pay its debt. The downgrades, in turn, prevented the government from selling more bonds in the open market. Unable to obtain the funding to cover its budget imbalance, the government began using its savings to pay its debt

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Ismalidou; Trianni (2014) "Puerto Rico's over-borrowing was facilitated by an eager group of U.S. investors. U.S. mutual funds were more than willing to buy Puerto Rico bonds, because the island has a special financial advantage: its bonds are triple tax-exempt This created a large buyers base for

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in January 2017 to assist in convincing creditors to take deeper losses on Puerto Rico's debts than they had publicly expected. According to reliable sources, the company also explored the possibility of convincing insurers that had guaranteed some of the bonds against default to contribute more to

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Nearly 70% of US-based municipal bond funds own Puerto Rican bonds or have some kind of exposure to Puerto Rico. A notable cause for this tendency is the fact that Puerto Rican bonds are triple tax-exempt in all of the states regardless of where the bond holder resides. Despite the expected impact,

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that required Puerto Rico to repay certain debt instruments within months rather than years. Investors were concerned that Puerto Rico would eventually default on its debt. Such a default would reduce Puerto Rico's ability to issue bonds in the future. Puerto Rico currently states that it is unable

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Acevedo Denis (2013; in Spanish) "Para el profesor de la Escuela Graduada de Administración Pública de la Universidad de Puerto Rico, Rafael Torrech San Inocencio, más que una cuestión de que funcionarios del Gobierno devenguen altos salarios, es si tienen o no las competencias para los cargos que

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Initially, the oversight board created under PROMESA called for Puerto Rico's governor to deliver a fiscal turnaround plan by January 28. Puerto Rico must reach restructuring deals with its creditors to avoid a bankruptcy-like process under PROMESA. In late January 2017, the control board extended

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By mid-January 2017, the bond debt had reached $ 70 billion in a territory with a 45% poverty rate and a double-digit unemployment (12.4% in December 2016), more than twice the mainland US average. The debt had been increasing during a decade-long recession. The Commonwealth defaulted on many

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for a long time, and they even raised new money, I think, not much more than a year ago, a very high price for hedge funds. The answer to financial problems is not more borrowing, more borrowing, but they’ll do it as long as they can and finally the day of reckoning comes and it would have been so

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The bipartisan, seven-member oversight board was created under the federal Puerto Rico rescue law known as PROMESA, passed by the U.S. Congress last year. It is charged with helping the island manage its finances and navigate its way out of the economic jam, including by negotiating restructuring

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reported on January 24, 2014, "Taxes and fees went up on nearly everything and everyone. Personal income taxes, corporate taxes, sales taxes, sin taxes, and taxes on insurance premiums were hiked or newly imposed. Retirement age for teachers was raised from as low as 47 to at least 55 for current

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Around $ 30 billion, or about 42% of Puerto Rico's outstanding debt, is owned by residents of Puerto Rico. They and local businesses are the parties that are most affected by the government cuts and the increased taxes that have been imposed to stabilize the island's finances. Michele Caruso

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have expressed that Puerto Rico's debt is simply impossible to repay and so they have stated that Puerto Rico should instead negotiate payback terms with bondholders. A different viewpoint emerged from others who were not senators, such as economist Joaquin Villamil, who deemed it necessary for

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established tax exemptions for US corporations that settled in Puerto Rico and allowed its subsidiaries operating in the island to send their earnings to the parent corporation at any time without paying federal tax on corporate income. The economy of the island was significantly reliant on the

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in January and indicated that he would seek an amicable resolution with creditors and also make fiscal reforms. "There will be real fiscal oversight and we are willing to sit down. We are taking steps to make bold reforms.... What we are asking for is runway to establish these reforms and have

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would be the last to downgrade on February 11, 2014, by downgrading Puerto Rico's GO debt from BBB− to BB, two levels below investment grade. Fitch cited both liquidity concerns and lack of economic growth for its downgrade while assigning a negative outlook to the government's ratings. These

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A constitutional amendment in 1952 relaxed balanced budget requirements for Puerto Rico in comparison to the states and another in 1961 loosened the reins on debt capacity, encouraging Puerto Rico to continue to fund fiscal shortfalls through the issuance of triple-exempt municipal bonds. The

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Ismalidou; Trianni (2014) "The spark that lit the fuse came in 1996, when President Clinton repealed legislation that gave tax incentives for U.S. companies to locate facilities in Puerto Rico. The island's economy began to sputter, and after the great recession, the decline in the island's

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late, sometimes 15 months after a fiscal year ends, and the government as a whole constantly fails to comply with its continuing disclosure obligations on a timely basis. The government's accounting, payroll, and fiscal oversight information systems and processes also have deficiencies that

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Hitchcock; Aldrete Sánchez (2014) "That the rating is not lower is due to the progress the current administration has made in reducing operating deficits, and what we view as recent success with reform of the public employee and teacher pension systems, which had been elusive in recent

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Hitchcock; Aldrete Sánchez (2014) "We view the current administration's recently announced intent to further reduce appropriations in fiscal 2014 by $ 170 million and budget for balanced operations in fiscal 2015 as potentially leading to credit improvement in the long run

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and its subdivisions from federal, state, and local income taxes (so-called "triple tax exemption") regardless of where the bondholder resided. Triple tax-exempt bonds are considered to be subsidized because bond issuers can offer a lower interest rate to satisfy bondholders.

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Quintero (2013, in Spanish) "Los indicadores de una economía débil son muchos, y la economía en Puerto Rico está sumamente debilitada, según lo evidencian la tasa de desempleo (13.5%), los altos niveles de pobreza (41.7%), los altos niveles de quiebra y la pérdida

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announced plans to close 184 schools. On May 17, 2017, Swain traveled to San Juan for the first day of hearings, and she ultimately agreed to allow the Oversight Board and the Commonwealth to pursue separate lawsuits at the same time in a joint adjudication.

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GDB (2014) "If the Commonwealth's financial condition does not improve, it may lack sufficient resources to fund all necessary governmental programs and services as well as meet debt service obligations. In such event, it may be forced to take emergency

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Ruiz Kuilan (2014; in Spanish) ""Con un plan de medidas de control de gastos las casas acreditadoras hubieran visto que Puerto Rico mantenía un presupuesto balanceado, que no se estaba gastando más de lo que tenía." sentenció la representante

2245: 497:, a state with a population similar to that of Puerto Rico, receives $ 3.6 billion. The situation led to an exodus of underpaid health care workers to the mainland, and the disparity has also had a major impact on Puerto Rico's finances. 1123:

Caruso Cabrera (2014) "Moody's estimates that if Puerto Rico does get downgraded to junk status, it faces $ 1 billion in additional short-term costs due to collateral calls on loans that are contingent on Puerto Rico not being rated

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signed legislation phasing out important parts of the favorable federal tax code over ten years ending in 2006. The end of the subsidies led to companies fleeing the island which subsequently led to economic downturn and tax shortfalls.

449:, to build an ice-skating rink. PREPA uses oil-fired power plants, has had opaque purchasing practices, has resisted wind and solar power projects, and has a debt of $ 9 billion. PREPA has had poor bill collection practices, with 700:—have proposed to audit Puerto Rico's debt to see whether some of the debt was issued illegally so that such debt can be nullified. That strategy has been used elsewhere in the United States and might be challenged by creditors. 592:

with fewer options in the market. Organizations such as First Investors made it clear that they did not intend to invest in Puerto Rico for a prolonged period, at least until Puerto Rican bonds were restored to investment grade.

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in February 2015 seeking to give Puerto Rico's public agencies and municipalities access to chapter 9. In the US Senate, members submitted similar legislation in July 2015, but neither bill was enacted. In December 2015, the

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Washington recognize that they have a role to play." He had instructed Puerto Rican government agencies to cut operating expenses by 10% and reduce political appointees by 20%. With debt payments due, he faced the risk of a

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admitted publicly that "the debt is not payable" and that if the government was unable to grow the economy, "we will be in a death spiral. Before Padilla's admission, various government instruments had already entered into

1074:. Gov.-elect Pedro Pierluisi started the public meetings by outlining his key areas of focus including COVID-19 response, infrastructure works and getting Puerto Rico out of Title III bankruptcy “as quickly as possible.” 3228: 521:

downgraded Puerto Rico's GO debt from Baa3 to Ba2, two levels below investment grade. Moody's, however, cited lack of economic growth for its downgrade while assigning a negative outlook to the government's ratings.

301:, a practice repeated for four decades since 1973. The island also began to issue debt to repay older debt, as well as refinancing older debt possessing low-interest rates with debt possessing higher interest rates. 1245:

Rivera Sánchez (2014; in Spanish) "En 2012 la tasa de captación en el segmento de ventas al detal fue de 52% con una tasa de evasión de 48%. En el resto de los renglones, la captación fue de 56% con una evasión de

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Caruso Cabrera (2013) "That's because the island's bonds have what's known as "triple exemption." No matter what state you live in, if you own a Puerto Rico bond, you don't pay federal, state or local taxes on the

712:. Expanding on that argument, Meacham posits that the government-debt crisis can be solved by enhancing Puerto Rico's autonomy or by giving the island protections and rights similar to those bestowed by statehood. 421:

to stabilize their finances, rather than make adjustments. In total, the combined debt carried by the municipalities of Puerto Rico accounts for $ 3.8 billion, or about 5.5% of Puerto Rico's outstanding debt.

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Roos "Some taxpayers also have to pay state and local income taxes, depending on where they reside. In this case, a triple tax-free municipal bond—exempt from federal, state and local taxes—is highly attractive."

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Puerto Rico's budget expenses in relation to its debt obligations. Almost 9.6%—or about $ 1.5 billion—of Puerto Rico's central government budget expenses for FY2014 was expected to be spent on debt service.

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the deadline to the government to February 28 for the latter present a fiscal plan which including negotiations with creditors for restructuring debt. A moratorium on lawsuits by debtors was extended to May 31.

211:. Between 1996 and 2006, Congress eliminated the tax credits, contributing to the loss of 80,000 jobs on the island and causing its population to shrink and its economy to contract in all but one year since the 1284:

Acevedo Denis (2013; in Spanish) "Hay funcionarios bien pagados, funcionarios excesivamente pagados y funcionarios que merecen mejor paga. El problema es cómo se parean las remuneraciones con las competencias

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Vera Rosa (2013; in Spanish) "Aunque Puerto Rico mueve entre el sector público y privado $ 15 billones en el área de salud, las deficiencias en el sistema todavía no alcanzan un nivel de eficiencia

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Corkery, Williams Walsh (2015) "My administration is doing everything not to default," Mr. García Padilla said. "But we have to make the economy grow," he added. "If not, we will be in a death spiral."

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on education is only 79% of the U.S. average per pupil while supporters remark that, when compared to Puerto Rico's GDP, such spending is extraordinarily high. In response to the hedge fund report,

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On June 28, 2014, Governor Padilla signed into law the "Puerto Rico Public Corporation Debt Enforcement and Recovery Act", which sought to allow corporations owned by the Commonwealth, such as the

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GDB (2014) "If the Commonwealth is unable to obtain financing through the issuance of tax and revenue anticipation notes, it may not have sufficient resources to maintain its operations."

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For much of the 20th century, Puerto Rico was subject to favorable tax laws from the US federal government, which essentially acted to subsidize the island's economy. Section 936 of the

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Corkery, Williams Walsh (2015) "The debt is not payable," Mr. García Padilla said. "There is no other option. I would love to have an easier option. This is not politics, this is math."

393:, and did not collect payments owed to the department by taxpayers that submitted tax returns without their corresponding payments. The Department of Treasury also tends to publish its 1051:. We're going to have to wipe that out." When markets opened the next day, the price on the Commonwealth's General Obligation bonds dropped to all-time lows of 32 cents on the dollar. 453:

estimating that the utility had improperly given away $ 420 million of electricity and that the island's governments were $ 300 million delinquent in payments. In 2012, the

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to issue $ 3.5 billion in bonds to recover its liquidity. The Governor promptly signed the bill the day after, effectively becoming law as Act 34 of 2014 (Pub.L. 2014–34).

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The Commonwealth's $ 123 billion liabilities from debt ($ 74 billion) and unfunded pension obligations ($ 49 billion) are much larger than the $ 18 billion

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GDB (2014) " accounting, payroll and fiscal oversight information systems and processes have deficiencies that significantly affect its ability to forecast expenditures."

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declined by 14 percent. In 2015, 46 percent of the population in Puerto Rico lived below the federal poverty line, compared to the U.S. national average of 15 percent.

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much easier to tackle the problem earlier and no, you know, you got all different classes of bondholders and other claimants and they’re gonna fight like crazy.

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On July 2, 2017, the Puerto Rico Electric Power Authority filed for bankruptcy protections under PROMESA for its $ 9 billion in bond debt. On August 7, 2017,

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Vera Rosado (2013; in Spanish) "Para mejorar la calidad de servicio, que se impacta principalmente por deficiencias administrativas y no por falta de dinero"

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was done in 1958. It was not until Puerto Rico enlarged its outstanding debt to $ 71 billion—an amount approximately equal to 68% of Puerto Rico's

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GDB (2014) "The Commonwealth's liquidity has been adversely affected by recent events, and it may be unable to meet its short-term obligations."

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for debt restructuring. The report indicated that Puerto Rico has a fixable deficit problem, not a debt problem. It recommended improvements to

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In March 2017, Rosselló was permitted by the Oversight Board to offer the creditors a plan that would repay less than a quarter of debts. On

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entered office and was expecting a $ 3 billion budget deficit, only to discover that the deficit was $ 7.5 billion. He proposed

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downgrades triggered several acceleration clauses, forcing Puerto Rico to repay certain debt instruments within months rather than years.

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government was able to issue an unusually large number of bonds in part due to dubious underwriting from financial institutions such as

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Caruso Cabrera (2014) "Nearly 70 percent of U.S. municipal bond funds rated by Morningstar have some kind of exposure to Puerto Rico."

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because it applies only to municipalities on the mainland. Puerto Rico's nonvoting representative in the US House of Representatives,

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of the superbond. The existing Puerto Rican bondholders would take a haircut on the value of their current bond holdings.

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In June 2015, Governor Padilla announced that the Commonwealth was in a "death spiral" and "the debt is not payable". The

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By the end of February, the Oversight Board's plan, with its focus on repayment of debts, was criticized by economists

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seem to be part of the hedgefund vultures that hope to gain from Puerto Rico's debt. That is your agenda, not mine.

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Multiple bond-rating agencies downgraded Puerto Rico's debt to non-investment grade in early 2014. On February 4,

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investors, and very low cost for Puerto Rican local government to issue. Puerto Rico thus began to issue debt

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of the federal constitution. It has had an elected governor since 1948, and elected legislature since 1900.

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dissenting. Puerto Rico or any of its political subdivisions and agencies cannot file for debt relief under

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Caruso Cabrera (2014) "The island, a territory of the United States, is in the midst of a debt crisis."

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agreements with their lenders, but the warning still provoked a drop in Puerto Rican bonds and stocks.

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February 28 to present a fiscal plan, including negotiations with creditors, to solve the problems.

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and expense money. Just like the central government, municipalities would issue debt through the

4448: 4195: 4163: 4131: 4099: 4063: 3987: 3921: 3775: 3591: 3519: 3442: 3406: 3294: 3224: 3033: 2713: 2649: 2351: 1653: 1568: 1067: 1063: 1005: 969: 842: 826: 741: 629:, claim the crisis was created by ruthless investors, who wish to profit from credit downgrades. 510: 252: 248: 201: 2987: 1070:

procedure will also be unprecedented in that it is governed by Title III of PROMESA, instead of

957: 343:

additional investment and spending generated by companies taking advantage of these provisions.

85:

while warning that those savings would eventually be exhausted. To prevent such a scenario, the

1028:

file another lawsuit, which now alleged that the selection of the Oversight Board violated the

813:

Management and Monarch Alternative Capital were amongst purchasers of bonds in March 2014. The

219:

established that "all available resources" must first go towards payment of the Commonwealth's

4534: 4517: 4418: 3831: 3643: 3447: 2807: 2454: 1529: 822: 753: 589: 568: 829:

to Congressional bills which would expand public-authority bankruptcy restructuring options.

517:

concerns for its downgrade and maintained a negative outlook on its watch. Three days later,

5499: 5014: 5009: 4425: 4397: 4374: 4306: 2157: 1888: 794: 737: 563:

teachers, and 62 for new teachers." That is a significant cost to bear for a country with a

73: 2186:"Hacienda espera recaudar $ 500 millones; mientras, atiende masiva evasión – NotiCel™" 5459: 5309: 5144: 4990: 4946: 4845: 4346: 3843: 3655: 2342: 1823: 1788: 1040: 1033: 940: 838: 769: 761: 667: 470: 461:

to private buyers after PREPA threatened to cut off power over unpaid bills. In 2014, the

438: 430: 360: 311: 212: 2959: 1977: 1855: 1599: 3381:

Lucero, Kat (July 2015). "DESPITE CRISIS, PUERTO RICO TAX REFORM NOT BEING CONSIDERED".

363:, caused a sharp economic downturn in Puerto Rico. Between 2007 and 2017, Puerto Rico's 49:

Please help update this article to reflect recent events or newly available information.

17: 5224: 5136: 5041: 4411: 4390: 4227: 4020: 3893: 2065: 2033: 1921: 1025: 863: 663: 626: 466: 450: 442: 410: 323: 294: 236: 513:

debt (GO) from BBB− status to BB+, one level below investment grade. The agency cited

6017: 5763: 4887: 4812: 4805: 4798: 4776: 4760: 4752: 4745: 4731: 4701: 4694: 4687: 4645: 4638: 4631: 4602: 4441: 4434: 4360: 4332: 1052: 888: 523: 256:

to maintain its current operations unless it takes drastic measures that may lead to

3196: 3194: 5216: 4967: 4768: 4339: 3171: 1470:"Puerto Rico formally exits bankruptcy following largest public debt restructuring" 1170: 1044: 1001: 938:. Governor Rosselló discussed the situation in an interview with the international 903: 876: 802: 790: 708:

According to Carl Meacham, Puerto Rico's financial problems are closely related to

697: 651: 347: 257: 244: 3201:

Hoke, William (October 2015). "FEDERAL ROLE IN PUERTO RICAN DEBT CRISIS UNCLEAR".

3167:"Hedge funds tell Puerto Rico: lay off teachers and close schools to pay us back" 1306:

PRGDB "Financial Information and Operating Data Report to October 18, 2013" p. 61

207:

In 1984, Congress explicitly forbade Puerto Rico from declaring bankruptcy under

5470: 4927: 4526: 4383: 4353: 2212:"Amnistía contributiva: aumenta recaudos, pero intesifica la evasión – NotiCel™" 1048: 990: 818: 541: 402: 193: 930:

measures such as cutting payments to government pensioners, who do not receive

3354: 2241: 786: 733: 618: 3451: 1523:"Commonwealth of Puerto Rico Financial Information and Operating Data Report" 1207:

Puerto Rico's bonds, which encouraged the commonwealth to keep issuing debt."

1066:, the recordholder for municipal bankruptcies conducted under Chapter 9. The 567:(PPP) per capita of $ 16,300 and with 41% of its population living below the 264:. These events, along with a series of governmental financial deficits and a 2868: 2162: 2129: 2001:"SEC probes bankers from Barclays, Morgan Stanley on Puerto Rico bond sales" 927: 514: 465:

was established. After the neglected power grid was destroyed by Hurricanes

445:

provides free electricity to local governments, which prompted the mayor of

414: 377: 327: 265: 232: 227:, to avoid its constitution's limits by being paid directly into a separate 2742:"Las estadísticas hablan: Puerto Rico camino a ser el "Detroit del Caribe"" 293:

The triple tax exemption made Puerto Rican bonds highly attractive to U.S.

3584:"Developments in the Law — Ch. II: The International Place of Puerto Rico" 1721:"Preliminary official statement dated march 6, 2014 subject to completion" 899: 4318: 3551:"Puerto Rico authorizes debt payment suspension; Obama signs rescue bill" 3287:"Recent Legislation: Puerto Rico Passes New Municipal Reorganization Act" 3259: 1819:"The Next Financial Catastrophe You Haven't Heard About Yet: Puerto Rico" 1406: 1404: 1402: 1400: 1398: 773: 486: 426: 390: 319: 4254:"Fiscal Issues Take Center Stage as Government Transition Hearings Open" 854: 606:

Puerto Rico to issue debt at least once more to return liquidity to the

251:

agencies between February 4 and 11, 2014. This downgrade triggered bond

4095:"Puerto Rico Faces 'Humbling' Scope of Its Woes in First Court Hearing" 2990: 2948: 2946: 2746: 2417: 2347:"How Many Mayors Can Puerto Rico Afford? Tradition and Budgets Collide" 2312: 2005: 1294: 997: 880: 359:

The repeal of the Section 936 corporate tax exemptions, along with the

90: 80:. The crisis began in 2014 when three major credit agencies downgraded 3804:"Puerto Rico oversight board favors more time for restructuring talks" 3620:"Puerto Rico oversight board favors more time for restructuring talks" 2301: 2299: 1649:"How Free Electricity Helped Dig $ 9 Billion Hole in Puerto Rico" 108:

Distribution of Puerto Rico's outstanding debt as of October 18, 2013

2444:"Financial Information and Operating Data Report to October 18, 2013" 228: 2118: 2116: 1917:"Santander to Pay $ 6.4 Million in Puerto Rico Bond Settlement" 1412: 934:, by 10%, which prompted criticism from the island's chapter of the 196:

it has no sovereignty, and all of its powers are delegated from the

93:, which appointed an oversight board with ultimate control over the 4275: 3952:"Economistas se oponen a las reformas para "estimular la economía"" 2575:"Puerto Rico GO Rating Lowered To 'BB+'; Remains On Watch Negative" 2514:"The Historical Exclusion Behind the Puerto Rico Bankruptcy Crisis" 2308:"Salarios públicos: Problema no es la cuantía, es la incompetencia" 5890: 4258: 4223:"No U.S. Bailout for Puerto Rican Debt, Trump's Budget Chief Says" 4159:"Hedge Fund Sues to Have Puerto Rico's Bankruptcy Case Thrown Out" 3771:"Puerto Ricans Face 'Sacrifice Everywhere' on an Insolvent Island" 2900:"Puerto Rico debt woes choke bond supply for some municipal funds" 2268:"COMMONWEALTH OF PUERTO RICO QUARTERLY REPORT DATED JULY 17, 2014" 1373:

reacciona de una manera más agresiva" pensando que pudo ser peor."

1010:

United States District Court for the Southern District of New York

898: 641: 3221:"Puerto Rico considers simple solution to debt crisis: Don't pay" 5886:

Authority for the Financing of the Infrastructure of Puerto Rico

4191:"White House Dials Back Trump's Vow to Clear Puerto Rico's Debt" 4127:"Puerto Rico's Power Authority Effectively Files for Bankruptcy" 3701:"New Puerto Rico governor seeks amicable debt crisis resolution" 3481: 1416: 846: 559: 401:

The government has also been unable to set up a system based on

5767: 4279: 2573:

Hitchcock, David; Aldrete Sánchez, Horacio (February 4, 2014).

1119: 1117: 3983:"Message of Puerto Rico Debt Crisis: Easy Bets Sometimes Lose" 3029:"Puerto Rico's Governor Says Island's Debts Are 'Not Payable'" 2678:"Puerto Rico utility wins bondholder agreement for extra time" 2645:"Puerto Rico's Governor Says Island's Debts Are 'Not Payable'" 1495:"Puerto Rico exits bankruptcy after grueling debt negotiation" 315: 247:(better known as "junk status" or speculative-grade) by three 29: 3886:"Puerto Rico Said to Seek Deeper Concessions in Utility Deal" 3735:"Secretary Lew Sends Letter to 115th Congress on Puerto Rico" 2096:"Here's how an obscure tax change sank Puerto Rico's economy" 1812: 1810: 1715: 1713: 1711: 1709: 2988:"Twitter / eduardobhatia: @Convertbond And finally, you ..." 2611:"UPDATE 3-Moody's follows S&P, cuts Puerto Rico to junk" 2568: 2566: 2564: 2029:"Puerto Rico Fighting to Keep Its Tax Breaks for Businesses" 881:

Puerto Rico Oversight, Management and Economic Stability Act

833:

Puerto Rico Oversight, Management and Economic Stability Act

3402:"Inside the Billion-Dollar Battle for Puerto Rico's Future" 2709:"Puerto Rico's Bonds Drop on Governor's Warning About Debt" 2638: 2636: 3255:"Puerto Rico Debt: Is Becoming the 51st State the Answer?" 2831:"Muni Market Still Unfazed By Puerto Rico Junk Downgrades" 3512:"Developments in the Law — Ch. I: Territorial Federalism" 1528:. Puerto Rico Government Development Bank. Archived from 781:

addressed investments in Puerto Rico securities by major

27:

Financial crisis that began affecting Puerto Rico in 2014

3248: 3246: 2643:

Corkery, Michael; Williams Walsh, Mary (June 28, 2015).

2125:"Ineficiencia arropa a los recursos económicos de salud" 1817:

Ismailidou, Ellie; Trianni, Francesca (March 12, 2014).

1444:"Puerto Rico has 'catastrophic' levels of debt – report" 985:, which are paid directly into a trust, rather than the 837:

On May 1, 2016, then-governor García Padilla "ordered a

817:

also traced opposition from the hedge funds, US Senator

756:

concurring only in the judgment. The following June, in

4016:"Puerto Rico's Governor Has to Clean Up His Dad's Mess" 3062:"Puerto Rico's Leaders: Playing Games Or Out of Touch?" 1684:"Fitch becomes third agency to cut Puerto Rico to junk" 1047:

announced: "They owe a lot of money to your friends on

2062:"Tax Policy Helped Create Puerto Rico's Fiscal Crisis" 4624:

Post-Napoleonic Irish grain price and land use shocks

4014:

Spalding, Rebecca; Levin, Jonathan (April 19, 2017).

1763:"Puerto Rico Fiscal Reform: The End of the Beginning" 1183: 1181: 1179: 2539:"S&P downgrades Puerto Rico debt to junk status" 1564:"Puerto Rico: A Debt Problem That Kept Boiling Over" 750:

United States Court of Appeals for the First Circuit

5983: 5942: 5919: 5863: 5832: 5801: 5458: 5308: 5008: 4926: 4897: 4844: 4719: 4655: 4553: 4480: 4458: 4221:Sink, Justin; Jennifer, Epstein (October 4, 2017). 4216: 4214: 3859:"Puerto Rico gets more time to propose fiscal plan" 3350:"Puerto Rico v. Franklin California Tax-Free Trust" 2864:"How Puerto Rico's debt woes affect fund investors" 1851:"¿Cómo Puerto Rico llegó a tener crédito chatarra?" 481:More than 60% of Puerto Rico's population receives 2955:"Asoma una reestructuración completa del gobierno" 1162: 3336:Franklin California Tax-Free Trust v. Puerto Rico 3322:Franklin California Tax-Free Trust v. Puerto Rico 2414:"Nace la Corporación de Financiamiento Municipal" 1882:Emmanuelli Jiménez, Rolando (February 12, 2014). 758:Puerto Rico v. Franklin California Tax-Free Trust 736:. However, in February 2015, U.S. District Judge 730:Puerto Rico Highways and Transportation Authority 262:already been protests over the austerity measures 243:(GDP)—that Puerto Rican bonds were downgraded to 2380:"Extensa la lista de los municipios con déficit" 1413:"Why Puerto Rico needs to borrow money—and soon" 895:2017 debt restructuring and effective bankruptcy 748:. In July 2015, that ruling was affirmed by the 5950:Department of Economic Development and Commerce 3160: 3158: 3156: 2488:"Puerto Ricans Brace for Crisis in Health Care" 2156:Rivera Sánchez, Maricarmen (February 3, 2014). 851: 670:. The report also recommended consideration of 610:and thus be able to repay its debt. Some, like 2337: 2335: 1256:two most recent fiscal years (2012 and 2013)." 575:enacted a bill on March 3, 2014, allowing the 5779: 5752:List of stock market crashes and bear markets 4291: 4049: 4047: 4045: 4043: 3916: 3914: 3764: 3762: 3760: 3438:"Puerto Rico to Miss Largest Payment to Date" 3126: 3124: 3091:Krueger AO, Teja R, Wolfe A (June 29, 2015). 2676:Brown, Nick; Davies, Megan (April 25, 2015). 2158:"Hacienda pierde $ 900 millones del IVU" 1411:Caruso Cabrera, Michelle (January 24, 2014). 696:Several lawmakers—such as MVC representative 681:chief of staff of the governor of Puerto Rico 287:bonds issued by the government of Puerto Rico 8: 1945:"Bank disclosure sought on Puerto Rico debt" 268:, contributed to Puerto Rico's debt crisis. 4059:"Puerto Rico Declares a Form of Bankruptcy" 1678: 1676: 1639: 1637: 1635: 1633: 1631: 1629: 1627: 1625: 1593: 1591: 1554: 1552: 1550: 5786: 5772: 5764: 4298: 4284: 4276: 3728: 3726: 2481: 2479: 2477: 2475: 726:Puerto Rico Aqueducts and Sewers Authority 473:, PREPA was privatized from 2018 to 2021. 223:, in 2006, the Commonwealth began issuing 5573:2015–2016 Chinese stock market turbulence 3578: 3576: 2930:"Voto Explicativo PC 1696 – Google Drive" 2486:Alvarez L, Goodnough A (August 2, 2015). 1517: 1515: 710:its ambiguous legal status under U.S. law 489:services, with about 40% enrolled in the 178: Debt issued to cover deficit (1.0%) 114: Government-owned corporations (37%) 3802:Nick Brown, Reuters (January 18, 2017). 3694: 3692: 3618:Nick Brown, Reuters (January 18, 2017). 3544: 3542: 3214: 3212: 3133:"For Puerto Rico, There is a Better Way" 3131:Fajgenbaum J, Guzman J, Loser C (2015). 2306:Acevedo Denis, Ely (November 15, 2013). 573:17th Legislative Assembly of Puerto Rico 285:of 1917, exempts interest payments from 235:was increased to 11%. The last property 166: Debt service appropriations (6.9%) 2451:Puerto Rico Government Development Bank 2275:Puerto Rico Government Development Bank 2123:Vera Rosado, Ileanexis (May 17, 2013). 1973:"Accusations of Conflicts in the Board" 1728:Puerto Rico Government Development Bank 1394: 1104: 1089:Puerto Rican financial referendum, 1961 766:Chapter 9, Title 11, United States Code 608:Puerto Rico Government Development Bank 577:Puerto Rico Government Development Bank 209:Chapter 9, Title 11, United States Code 5881:Authority for the Financing of Housing 5478:Venezuelan banking crisis of 2009–2010 5248:South American economic crisis of 2002 5145:Black Wednesday (1992 Sterling crisis) 3958:from the original on February 22, 2017 3899:from the original on February 18, 2017 3839: 3829: 3814:from the original on February 17, 2017 3745:from the original on February 17, 2017 3711:from the original on February 17, 2017 3651: 3641: 3630:from the original on February 17, 2017 3478:"Buffett on Puerto Rico's debt crisis" 3362:from the original on February 28, 2017 2740:Quintero, Laura (September 14, 2013). 2424:from the original on February 24, 2014 2094:Schoen, John W. (September 26, 2017). 1896:from the original on February 27, 2014 1795:from the original on February 10, 2014 1423:from the original on February 22, 2014 740:found the act was void because it was 623:President of the Senate of Puerto Rico 459:Luis Muñoz Marín International Airport 419:Puerto Rico Municipal Financing Agency 395:comprehensive annual financial reports 385:is incapable of collecting 44% of the 172: Debt service on interests (1.7%) 5975:Public–Private Partnerships Authority 5529:2013 Chinese banking liquidity crisis 5485:2010–2014 Portuguese financial crisis 4961:Secondary banking crisis of 1973–1975 4189:; Rappeport, Alan (October 5, 2017). 3924:, Martin Guzman (February 28, 2017). 3865:from the original on January 28, 2017 3669:Associated Press (January 29, 2017). 3231:from the original on October 26, 2015 3041:from the original on January 11, 2017 2953:Ruiz Kuilan, Gloria (March 4, 2014). 2893: 2891: 2621:from the original on February 9, 2014 2378:Vázquez, Brenda (November 16, 2012). 2089: 2087: 2072:from the original on February 8, 2017 2041:from the original on February 6, 2017 1884:"¿Sabe qué provocará la degradación?" 1756: 1754: 1752: 1694:from the original on December 5, 2014 1072:Chapter 9 of the U.S. Bankruptcy Code 936:Service Employees International Union 383:Department of Treasury of Puerto Rico 7: 5559:Russian financial crisis (2014–2016) 5412:2008–2011 Icelandic financial crisis 5405:2008–2009 Ukrainian financial crisis 5370:2000s U.S. housing market correction 5210:1998–2002 Argentine great depression 3884:Schatzker, Erik (February 9, 2017). 2898:Tim McLaughlin (February 28, 2014). 2829:Michael Aneiro (February 21, 2014). 2394:from the original on October 2, 2013 868:Buffett on Puerto Rico's debt crisis 845:annual meeting, Warren Buffett told 722:Puerto Rico Electric Power Authority 441:the island's private utilities. The 435:Puerto Rico Electric Power Authority 5934:Puerto Rico Sales Tax Revenue Bonds 5716:2023–2024 Egyptian financial crisis 5551:Puerto Rican government-debt crisis 5544:2014–2016 Brazilian economic crisis 4917:1963–1965 Indonesian hyperinflation 4820:Shanghai rubber stock market crisis 4509:Dutch Republic stock market crashes 4028:from the original on April 22, 2017 3954:. El Nuevo Día. February 20, 2017. 3926:"From Bad to Worse for Puerto Rico" 3325:, 85 F. Supp. 3d 577 (D.P.R. 2015). 3267:from the original on August 7, 2015 3072:from the original on August 9, 2015 2997:from the original on March 20, 2014 2986:Bhatia, Eduardo (January 5, 2014). 2549:from the original on March 12, 2014 2512:II, Vann R. Newkirk (May 2, 2017). 1999:Mishra, Parikshit (June 29, 2017). 1971:Delgado, José (December 16, 2016). 1831:from the original on March 12, 2014 1442:Bradford, Hazel (August 21, 2018). 1014:Puerto Rico Department of Education 983:Puerto Rico Sales Tax Revenue Bonds 477:Disparity in federal social funding 225:Puerto Rico Sales Tax Revenue Bonds 70:Puerto Rican government-debt crisis 5795:Government finances in Puerto Rico 5522:2012–2013 Cypriot financial crisis 5426:2008–2014 Spanish financial crisis 5398:2008–2009 Russian financial crisis 5391:2008–2009 Belgian financial crisis 5086:1988–1992 Norwegian banking crisis 4581:British credit crisis of 1772–1773 3932:from the original on April 9, 2017 3488:from the original on March 4, 2022 3179:from the original on July 28, 2015 2967:from the original on March 5, 2014 2910:from the original on March 3, 2014 2876:from the original on March 8, 2014 2862:John Waggoner (November 6, 2013). 2843:from the original on March 4, 2016 2806:(in Spanish). 2014. Archived from 2784:from the original on March 4, 2014 2707:Corkery, Michael (June 29, 2015). 2657:from the original on June 30, 2015 2591:from the original on March 3, 2014 2453:. October 18, 2013. Archived from 2320:from the original on March 3, 2014 2248:from the original on March 4, 2014 2218:from the original on March 3, 2014 2192:from the original on March 3, 2014 2060:Greenburg, Scott (June 30, 2015). 1943:Hall, Camilla (November 3, 2013). 1863:from the original on March 2, 2014 1737:from the original on March 7, 2014 1661:from the original on July 15, 2016 1167:Tooltip Public Law (United States) 1055:, the White House Director of the 160: Operational expenses (90.4%) 82:several bond issues by Puerto Rico 25: 5709:2023 United States banking crisis 5515:2011 Bangladesh share market scam 5203:1998–1999 Ecuador economic crisis 5167:Venezuelan banking crisis of 1994 5093:Japanese asset price bubble crash 5034:Souk Al-Manakh stock market crash 4784:Australian banking crisis of 1893 4588:Dutch Republic financial collapse 3561:from the original on July 2, 2016 2721:from the original on July 1, 2015 2688:from the original on July 1, 2015 2284:from the original on July 2, 2015 1217:governmental finances continued." 1043:on October 3, 2017, US President 956:Rosselló hired investment expert 4566:Amsterdam banking crisis of 1763 4071:from the original on May 3, 2017 3995:from the original on May 5, 2017 3783:from the original on May 6, 2017 3733:Watson, Dan (January 17, 2017). 3699:Platt, Eric (January 19, 2017). 3414:from the original on May 4, 2017 2774:"AGP firma ley emisión de bonos" 2359:from the original on May 7, 2017 1915:Walsh, Mary (October 13, 2015). 1859:(in Spanish). February 4, 2014. 1761:Wendt, Bradley (June 14, 2017). 1610:from the original on May 4, 2017 1576:from the original on May 6, 2017 989:, conflict on the holder of the 34: 5965:Office of Management and Budget 5291:2007 Chinese stock bubble crash 4617:Danish state bankruptcy of 1813 3769:Robles, Frances (May 7, 2017). 3339:, 805 F.3d 322 (1st Cir. 2015). 3253:Carl Meacham (August 5, 2015). 3219:Paul Abowd (October 24, 2015). 3165:Neate, Rupert (July 28, 2015). 2214:. Noticel.com. March 17, 2013. 2188:. Noticel.com. March 15, 2013. 1598:Kaske, Michelle (May 3, 2017). 1057:Office of Management and Budget 188:, acquired in 1898 through the 5672:Chinese property sector crisis 5580:2015–2016 stock market selloff 5508:August 2011 stock markets fall 5419:2008–2011 Irish banking crisis 5116:1990s Swedish financial crisis 4865:Weimar Republic hyperinflation 3741:. Department of the Treasury. 3060:Clark, Greg (August 5, 2015). 2027:Rother, Larry (May 10, 1993). 1783:Roos, Dave (August 15, 2008). 1039:After touring the damage from 334:Cessation of federal subsidies 186:territory of the United States 1: 5745:List of sovereign debt crises 5687:2022 Russian financial crisis 5384:2008 Latvian financial crisis 5377:U.S. bear market of 2007–2009 5255:Stock market downturn of 2002 5196:1998 Russian financial crisis 5049:1983 Israel bank stock crisis 3093:"Puerto Rico – A Way Forward" 977:, which are protected by the 855:kicking the can down the road 491:Puerto Rican Medicaid program 463:Puerto Rico Energy Commission 407:municipalities of Puerto Rico 387:Puerto Rico Sales and Use Tax 138: Retirement systems (4%) 5911:Public Financing Corporation 5447:Greek government-debt crisis 5284:2004 Argentine energy crisis 5241:2001 Turkish economic crisis 5130:1990s Armenian energy crisis 5123:1990s Finnish banking crisis 4984:1976 British currency crisis 4954:1973–1974 stock market crash 3671:"Puerto Rico Gets More Time" 3549:Nick Brown (June 30, 2016). 2750:(in Spanish). Archived from 2133:(in Spanish). Archived from 1094:Greek government-debt crisis 875:On June 30, 2016, President 5929:Bonds issued by Puerto Rico 5901:Government Development Bank 5603:2017 Sri Lankan fuel crisis 5269:2003 Myanmar banking crisis 5262:2002 Uruguay banking crisis 5182:1997 Asian financial crisis 5109:1991 Indian economic crisis 5101:Rhode Island banking crisis 5071:Cameroonian economic crisis 4857:Early Soviet hyperinflation 4470:Crisis of the Third Century 3100:Commonwealth of Puerto Rico 1022:Aurelius Capital Management 1004:assigned the case to Judge 672:public private partnerships 617:, claim the crisis is mere 535:On June 28, 2015, Governor 455:Puerto Rico Ports Authority 217:Constitution of Puerto Rico 6080: 6064:Public debt of Puerto Rico 6059:Government debt by country 5906:Municipal Financing Agency 5634:Sri Lankan economic crisis 5492:Energy crisis in Venezuela 5471:2009 Dubai debt standstill 5321:2007–2008 financial crisis 4976:Latin American debt crisis 4739:Paris Bourse crash of 1882 3857:Staff (January 28, 2017). 3739:Department of the Treasury 1785:"How Municipal Bonds Work" 1450:. Crain Communications Inc 1448:Pensions & Investments 1084:Public debt of Puerto Rico 853:Puerto Rico, they’ve been 6024:2010s in economic history 5960:Economic Development Bank 5819:Government budget balance 5725: 5702:2022 stock market decline 5694:Pakistani economic crisis 5680:2021–2023 inflation surge 5626:Lebanese liquidity crisis 5595:Venezuelan hyperinflation 5587:Brexit stock market crash 5536:Venezuela economic crisis 5298:Zimbabwean hyperinflation 4881:Wall Street Crash of 1929 4721:2nd Industrial Revolution 4555:1st Industrial Revolution 4313: 979:Puerto Rican Constitution 910:'s mansion, built in 1533 807:Marathon Asset Management 659:government of Puerto Rico 509:downgraded Puerto Rico's 429:, an appointed Governor, 375:Some newspapers, such as 144: Municipalities (6%) 78:government of Puerto Rico 43:This article needs to be 5850:Public Improvements Fund 5363:Subprime mortgage crisis 5026:Brazilian hyperinflation 4998:Brazilian hyperinflation 4835:Financial crisis of 1914 4543:Mississippi bubble crash 975:general obligation bonds 885:Alejandro García Padilla 371:Government mismanagement 221:general obligation bonds 18:Puerto Rican debt crisis 6003:Taxation in Puerto Rico 5738:List of economic crises 5656:2020 stock market crash 5649:Financial market impact 5618:Turkish economic crisis 5233:9/11 stock market crash 5189:October 1997 mini-crash 5160:1994 bond market crisis 5152:Yugoslav hyperinflation 5063:Savings and loan crisis 4664:European potato failure 987:Commonwealth's treasury 908:Governor of Puerto Rico 565:purchasing power parity 457:was forced to sell the 277:Triple tax-exempt bonds 89:enacted a law known as 6049:Economy of Puerto Rico 5955:Department of Treasury 5731:List of banking crises 5500:Syrian economic crisis 5433:Blue Monday Crash 2009 5042:Chilean crisis of 1982 4873:Shōwa financial crisis 4679:Highland Potato Famine 4535:South Sea bubble crash 4326:Commodity price shocks 2244:. September 16, 2013. 911: 873: 677:Víctor Suárez Meléndez 654: 648:Capitol of Puerto Rico 447:Aguadilla, Puerto Rico 346:In 1996, US President 241:gross domestic product 198:United States Congress 87:United States Congress 5993:Internal Revenue Code 5056:Black Saturday (1983) 4910:Kennedy Slide of 1962 4482:Commercial revolution 4252:(November 16, 2020). 3928:. Project Syndicate. 3825:deals with creditors. 3400:(December 20, 2015). 1690:. February 11, 2014. 1600:"Puerto Rico's Slide" 918:In January 2017, the 902: 645: 638:Restructuring of debt 507:Standard & Poor's 365:gross national income 340:Internal Revenue Code 5610:Ghana banking crisis 5440:European debt crisis 5225:Dot-com bubble crash 5137:Cuban Special Period 4596:Copper Panic of 1789 4501:The Great Debasement 4493:Great Bullion Famine 4187:Walsh, Mary Williams 4155:Walsh, Mary Williams 4123:Walsh, Mary Williams 4091:Walsh, Mary Williams 3861:. Associated Press. 3810:. The Fiscal Times. 3626:. The Fiscal Times. 3434:Walsh, Mary Williams 2617:. February 7, 2014. 2545:. February 4, 2014. 2420:. January 23, 2014. 1647:(February 2, 2016). 1560:Walsh, Mary Williams 811:BlueMountain Capital 799:Appaloosa Management 746:U.S. Bankruptcy Code 603:Puerto Rico senators 299:to fund its expenses 253:acceleration clauses 245:non-investment grade 229:urgent interest fund 190:Spanish–American War 120: GO bonds (29%) 6044:2017 in Puerto Rico 6039:2016 in Puerto Rico 6034:2015 in Puerto Rico 6029:2014 in Puerto Rico 5855:Special State Funds 5566:2015 Nepal blockade 5276:2000s energy crisis 5174:Mexican peso crisis 5079:Black Monday (1987) 4939:1970s energy crisis 4899:Post–WWII expansion 4573:Bengal bubble crash 4368:Financial contagion 4055:Mary Williams Walsh 3979:Mary Williams Walsh 3398:Nicholas Confessore 3025:Mary Williams Walsh 2778:Metro International 2754:on February 1, 2014 2582:Standard and Poor's 2388:Metro International 2137:on November 4, 2013 1950:The Financial Times 1645:Mary Williams Walsh 1535:on November 7, 2013 1030:Appointments Clause 958:Rothschild & Co 947:government shutdown 685:Wall Street Journal 666:and a reduction of 612:House Minority Whip 583:US municipal market 4828:Panic of 1910–1911 4672:Great Irish Famine 4610:Panic of 1796–1797 4449:Stock market crash 4196:The New York Times 4164:The New York Times 4157:(August 8, 2017). 4132:The New York Times 4100:The New York Times 4064:The New York Times 3988:The New York Times 3922:Joseph E. Stiglitz 3842:has generic name ( 3776:The New York Times 3654:has generic name ( 3592:Harvard Law Review 3520:Harvard Law Review 3443:The New York Times 3407:The New York Times 3295:Harvard Law Review 3034:The New York Times 2714:The New York Times 2650:The New York Times 2352:The New York Times 1654:The New York Times 1569:The New York Times 1068:debt restructuring 1064:Detroit bankruptcy 1006:Laura Taylor Swain 970:Joseph E. Stiglitz 912: 843:Berkshire Hathaway 827:Tea Party Patriots 704:Change in autonomy 692:Debt nullification 655: 633:Proposed solutions 615:Jenniffer González 590:portfolio managers 511:general obligation 355:Economic recession 283:Jones–Shafroth Act 249:bond credit rating 202:Territorial Clause 126: COFINA (22%) 6011: 6010: 5998:Sales and Use Tax 5840:Consolidated Fund 5761: 5760: 5642:COVID-19 pandemic 4527:Tulip mania crash 4518:Kipper und Wipper 4495:(c. 1400–c. 1500) 3977:Michael Corkery; 3677:. Scottsbluff, ME 3396:Jonathan Mahler; 3385:(2015 TNT 136–6). 3205:(2015 TNT 203–8). 3027:(June 29, 2015). 3023:Michael Corkery; 3009:Lawrence McDonald 2810:on March 13, 2014 2780:. March 4, 2014. 2460:on April 22, 2014 2384:Metro Puerto Rico 2345:(July 27, 2016). 2277:. July 17, 2014. 1730:. March 6, 2014. 1012:. That day, the 823:Jenny Beth Martin 795:Paulson & Co. 754:Juan R. Torruella 184:Puerto Rico is a 64: 63: 16:(Redirected from 6071: 6054:Financial crises 5788: 5781: 5774: 5765: 5754: 5747: 5740: 5733: 5718: 5711: 5704: 5697: 5689: 5682: 5675: 5665: 5658: 5651: 5644: 5637: 5629: 5621: 5613: 5605: 5598: 5590: 5582: 5575: 5568: 5561: 5554: 5546: 5539: 5531: 5524: 5517: 5510: 5503: 5495: 5487: 5480: 5473: 5449: 5442: 5435: 5428: 5421: 5414: 5407: 5400: 5393: 5386: 5379: 5372: 5365: 5358: 5351: 5344: 5337: 5330: 5323: 5301: 5293: 5286: 5279: 5271: 5264: 5257: 5250: 5243: 5236: 5228: 5220: 5212: 5205: 5198: 5191: 5184: 5177: 5169: 5162: 5155: 5147: 5140: 5132: 5125: 5118: 5111: 5104: 5096: 5088: 5081: 5074: 5066: 5058: 5051: 5044: 5037: 5029: 5015:Great Regression 5010:Great Moderation 5001: 4993: 4986: 4979: 4971: 4963: 4956: 4949: 4942: 4919: 4912: 4890: 4883: 4876: 4868: 4860: 4837: 4830: 4823: 4815: 4808: 4801: 4794: 4786: 4779: 4772: 4764: 4756: 4748: 4741: 4734: 4712: 4704: 4697: 4690: 4681: 4674: 4667: 4648: 4641: 4634: 4627: 4619: 4612: 4605: 4598: 4591: 4583: 4576: 4568: 4546: 4538: 4530: 4522: 4512: 4504: 4496: 4473: 4451: 4444: 4437: 4428: 4421: 4414: 4407: 4400: 4398:Liquidity crisis 4393: 4386: 4377: 4375:Social contagion 4370: 4363: 4356: 4349: 4342: 4335: 4328: 4321: 4307:Financial crises 4300: 4293: 4286: 4277: 4271: 4270: 4268: 4266: 4246: 4240: 4239: 4237: 4235: 4218: 4209: 4208: 4206: 4204: 4183: 4177: 4176: 4174: 4172: 4151: 4145: 4144: 4142: 4140: 4125:(July 3, 2017). 4119: 4113: 4112: 4110: 4108: 4093:(May 18, 2017). 4087: 4081: 4080: 4078: 4076: 4051: 4038: 4037: 4035: 4033: 4011: 4005: 4004: 4002: 4000: 3974: 3968: 3967: 3965: 3963: 3948: 3942: 3941: 3939: 3937: 3918: 3909: 3908: 3906: 3904: 3881: 3875: 3874: 3872: 3870: 3854: 3848: 3847: 3841: 3837: 3835: 3827: 3821: 3819: 3799: 3793: 3792: 3790: 3788: 3766: 3755: 3754: 3752: 3750: 3730: 3721: 3720: 3718: 3716: 3696: 3687: 3686: 3684: 3682: 3666: 3660: 3659: 3653: 3649: 3647: 3639: 3637: 3635: 3615: 3609: 3608: 3606: 3604: 3588: 3580: 3571: 3570: 3568: 3566: 3546: 3537: 3536: 3534: 3532: 3516: 3508: 3502: 3501: 3495: 3493: 3474: 3468: 3467: 3465: 3463: 3458:on June 30, 2021 3454:. Archived from 3430: 3424: 3423: 3421: 3419: 3393: 3387: 3386: 3378: 3372: 3371: 3369: 3367: 3346: 3340: 3332: 3326: 3318: 3312: 3311: 3309: 3307: 3291: 3283: 3277: 3276: 3274: 3272: 3250: 3241: 3240: 3238: 3236: 3216: 3207: 3206: 3198: 3189: 3188: 3186: 3184: 3162: 3151: 3150: 3148: 3146: 3140:Centennial Group 3137: 3128: 3119: 3118: 3116: 3114: 3108: 3102:. Archived from 3097: 3088: 3082: 3081: 3079: 3077: 3057: 3051: 3050: 3048: 3046: 3020: 3014: 3013: 3004: 3002: 2983: 2977: 2976: 2974: 2972: 2950: 2941: 2940: 2938: 2936: 2926: 2920: 2919: 2917: 2915: 2895: 2886: 2885: 2883: 2881: 2859: 2853: 2852: 2850: 2848: 2826: 2820: 2819: 2817: 2815: 2800: 2794: 2793: 2791: 2789: 2770: 2764: 2763: 2761: 2759: 2737: 2731: 2730: 2728: 2726: 2704: 2698: 2697: 2695: 2693: 2673: 2667: 2666: 2664: 2662: 2640: 2631: 2630: 2628: 2626: 2607: 2601: 2600: 2598: 2596: 2590: 2579: 2570: 2559: 2558: 2556: 2554: 2535: 2529: 2528: 2526: 2524: 2509: 2503: 2502: 2500: 2498: 2483: 2470: 2469: 2467: 2465: 2459: 2448: 2440: 2434: 2433: 2431: 2429: 2410: 2404: 2403: 2401: 2399: 2375: 2369: 2368: 2366: 2364: 2339: 2330: 2329: 2327: 2325: 2303: 2294: 2293: 2291: 2289: 2283: 2272: 2264: 2258: 2257: 2255: 2253: 2234: 2228: 2227: 2225: 2223: 2208: 2202: 2201: 2199: 2197: 2182: 2176: 2175: 2173: 2171: 2153: 2147: 2146: 2144: 2142: 2120: 2111: 2110: 2108: 2106: 2091: 2082: 2081: 2079: 2077: 2057: 2051: 2050: 2048: 2046: 2024: 2018: 2017: 2015: 2013: 1996: 1990: 1989: 1987: 1985: 1968: 1962: 1961: 1959: 1957: 1940: 1934: 1933: 1931: 1929: 1912: 1906: 1905: 1903: 1901: 1889:La Perla del Sur 1879: 1873: 1872: 1870: 1868: 1847: 1841: 1840: 1838: 1836: 1814: 1805: 1804: 1802: 1800: 1780: 1774: 1773: 1767: 1758: 1747: 1746: 1744: 1742: 1736: 1725: 1717: 1704: 1703: 1701: 1699: 1680: 1671: 1670: 1668: 1666: 1641: 1620: 1619: 1617: 1615: 1595: 1586: 1585: 1583: 1581: 1556: 1545: 1544: 1542: 1540: 1534: 1527: 1519: 1510: 1509: 1507: 1505: 1491: 1485: 1484: 1482: 1480: 1466: 1460: 1459: 1457: 1455: 1439: 1433: 1432: 1430: 1428: 1408: 1384: 1380: 1374: 1370: 1364: 1361: 1355: 1351: 1345: 1341: 1335: 1331: 1325: 1322: 1316: 1313: 1307: 1304: 1298: 1292: 1286: 1282: 1276: 1272: 1266: 1263: 1257: 1253: 1247: 1243: 1237: 1234: 1228: 1224: 1218: 1214: 1208: 1204: 1198: 1195: 1189: 1185: 1174: 1168: 1164: 1159: 1153: 1150: 1144: 1140: 1134: 1131: 1125: 1121: 1112: 1109: 924:Ricardo Rosselló 871: 738:Francisco Besosa 531:2015 forbearance 177: 171: 165: 159: 143: 137: 132: Other (3%) 131: 125: 119: 113: 74:financial crisis 59: 56: 50: 38: 37: 30: 21: 6079: 6078: 6074: 6073: 6072: 6070: 6069: 6068: 6014: 6013: 6012: 6007: 5979: 5938: 5915: 5859: 5828: 5797: 5792: 5762: 5757: 5750: 5743: 5736: 5729: 5721: 5714: 5707: 5700: 5692: 5685: 5678: 5670: 5661: 5654: 5647: 5640: 5632: 5624: 5616: 5608: 5601: 5593: 5585: 5578: 5571: 5564: 5557: 5549: 5542: 5534: 5527: 5520: 5513: 5506: 5498: 5490: 5483: 5476: 5469: 5462: 5460:Information Age 5454: 5445: 5438: 5431: 5424: 5417: 5410: 5403: 5396: 5389: 5382: 5375: 5368: 5361: 5354: 5347: 5340: 5333: 5326: 5319: 5312: 5310:Great Recession 5304: 5296: 5289: 5282: 5274: 5267: 5260: 5253: 5246: 5239: 5231: 5223: 5215: 5208: 5201: 5194: 5187: 5180: 5172: 5165: 5158: 5150: 5143: 5135: 5128: 5121: 5114: 5107: 5099: 5091: 5084: 5077: 5069: 5061: 5054: 5047: 5040: 5032: 5024: 5017: 5013: 5004: 4996: 4991:1979 oil crisis 4989: 4982: 4974: 4966: 4959: 4952: 4947:1973 oil crisis 4945: 4937: 4930: 4928:Great Inflation 4922: 4915: 4908: 4901: 4893: 4886: 4879: 4871: 4863: 4855: 4848: 4846:Interwar period 4840: 4833: 4826: 4818: 4811: 4804: 4797: 4789: 4782: 4775: 4767: 4759: 4751: 4744: 4737: 4730: 4723: 4715: 4707: 4700: 4693: 4686: 4677: 4670: 4662: 4651: 4644: 4637: 4630: 4622: 4615: 4608: 4601: 4594: 4586: 4579: 4571: 4564: 4557: 4549: 4541: 4533: 4525: 4515: 4507: 4499: 4491: 4484: 4476: 4468: 4454: 4447: 4440: 4433: 4424: 4417: 4410: 4403: 4396: 4389: 4382: 4373: 4366: 4359: 4352: 4347:Currency crisis 4345: 4338: 4331: 4324: 4317: 4309: 4304: 4274: 4264: 4262: 4248: 4247: 4243: 4233: 4231: 4220: 4219: 4212: 4202: 4200: 4185: 4184: 4180: 4170: 4168: 4153: 4152: 4148: 4138: 4136: 4121: 4120: 4116: 4106: 4104: 4089: 4088: 4084: 4074: 4072: 4057:(May 4, 2017). 4053: 4052: 4041: 4031: 4029: 4013: 4012: 4008: 3998: 3996: 3981:(May 5, 2017). 3976: 3975: 3971: 3961: 3959: 3950: 3949: 3945: 3935: 3933: 3920: 3919: 3912: 3902: 3900: 3883: 3882: 3878: 3868: 3866: 3856: 3855: 3851: 3838: 3828: 3817: 3815: 3801: 3800: 3796: 3786: 3784: 3768: 3767: 3758: 3748: 3746: 3732: 3731: 3724: 3714: 3712: 3705:Financial Times 3698: 3697: 3690: 3680: 3678: 3668: 3667: 3663: 3650: 3640: 3633: 3631: 3617: 3616: 3612: 3602: 3600: 3586: 3582: 3581: 3574: 3564: 3562: 3548: 3547: 3540: 3530: 3528: 3514: 3510: 3509: 3505: 3491: 3489: 3484:. May 2, 2016. 3476: 3475: 3471: 3461: 3459: 3436:(May 1, 2016). 3432: 3431: 3427: 3417: 3415: 3395: 3394: 3390: 3383:Tax Notes Today 3380: 3379: 3375: 3365: 3363: 3348: 3347: 3343: 3333: 3329: 3319: 3315: 3305: 3303: 3289: 3285: 3284: 3280: 3270: 3268: 3252: 3251: 3244: 3234: 3232: 3218: 3217: 3210: 3203:Tax Notes Today 3200: 3199: 3192: 3182: 3180: 3164: 3163: 3154: 3144: 3142: 3135: 3130: 3129: 3122: 3112: 3110: 3109:on July 2, 2015 3106: 3095: 3090: 3089: 3085: 3075: 3073: 3059: 3058: 3054: 3044: 3042: 3022: 3021: 3017: 3000: 2998: 2985: 2984: 2980: 2970: 2968: 2952: 2951: 2944: 2934: 2932: 2928: 2927: 2923: 2913: 2911: 2897: 2896: 2889: 2879: 2877: 2861: 2860: 2856: 2846: 2844: 2828: 2827: 2823: 2813: 2811: 2802: 2801: 2797: 2787: 2785: 2772: 2771: 2767: 2757: 2755: 2739: 2738: 2734: 2724: 2722: 2706: 2705: 2701: 2691: 2689: 2675: 2674: 2670: 2660: 2658: 2642: 2641: 2634: 2624: 2622: 2609: 2608: 2604: 2594: 2592: 2588: 2577: 2572: 2571: 2562: 2552: 2550: 2537: 2536: 2532: 2522: 2520: 2511: 2510: 2506: 2496: 2494: 2485: 2484: 2473: 2463: 2461: 2457: 2446: 2442: 2441: 2437: 2427: 2425: 2412: 2411: 2407: 2397: 2395: 2377: 2376: 2372: 2362: 2360: 2355:. p. A18. 2343:Lizette Alvarez 2341: 2340: 2333: 2323: 2321: 2305: 2304: 2297: 2287: 2285: 2281: 2270: 2266: 2265: 2261: 2251: 2249: 2236: 2235: 2231: 2221: 2219: 2210: 2209: 2205: 2195: 2193: 2184: 2183: 2179: 2169: 2167: 2155: 2154: 2150: 2140: 2138: 2122: 2121: 2114: 2104: 2102: 2093: 2092: 2085: 2075: 2073: 2059: 2058: 2054: 2044: 2042: 2026: 2025: 2021: 2011: 2009: 1998: 1997: 1993: 1983: 1981: 1970: 1969: 1965: 1955: 1953: 1942: 1941: 1937: 1927: 1925: 1914: 1913: 1909: 1899: 1897: 1881: 1880: 1876: 1866: 1864: 1849: 1848: 1844: 1834: 1832: 1816: 1815: 1808: 1798: 1796: 1789:How Stuff Works 1782: 1781: 1777: 1765: 1760: 1759: 1750: 1740: 1738: 1734: 1723: 1719: 1718: 1707: 1697: 1695: 1682: 1681: 1674: 1664: 1662: 1643: 1642: 1623: 1613: 1611: 1597: 1596: 1589: 1579: 1577: 1562:(May 6, 2017). 1558: 1557: 1548: 1538: 1536: 1532: 1525: 1521: 1520: 1513: 1503: 1501: 1493: 1492: 1488: 1478: 1476: 1468: 1467: 1463: 1453: 1451: 1441: 1440: 1436: 1426: 1424: 1410: 1409: 1396: 1392: 1387: 1381: 1377: 1371: 1367: 1362: 1358: 1352: 1348: 1342: 1338: 1332: 1328: 1323: 1319: 1314: 1310: 1305: 1301: 1293: 1289: 1285:profesionales." 1283: 1279: 1273: 1269: 1264: 1260: 1254: 1250: 1244: 1240: 1235: 1231: 1225: 1221: 1215: 1211: 1205: 1201: 1196: 1192: 1186: 1177: 1166: 1160: 1156: 1151: 1147: 1141: 1137: 1132: 1128: 1122: 1115: 1110: 1106: 1102: 1080: 1041:Hurricane Maria 1034:US Constitution 941:Financial Times 932:Social Security 897: 872: 862: 839:debt moratorium 835: 783:distressed-debt 770:Pedro Pierluisi 762:Sonia Sotomayor 752:, with Justice 718: 706: 694: 668:public spending 640: 635: 599: 585: 555: 550: 533: 503: 479: 431:Rexford Tugwell 373: 361:Great Recession 357: 336: 307: 279: 274: 213:Great Recession 182: 181: 180: 179: 175: 173: 169: 167: 163: 161: 157: 148: 147: 146: 145: 141: 139: 135: 133: 129: 127: 123: 121: 117: 115: 111: 103: 60: 54: 51: 48: 39: 35: 28: 23: 22: 15: 12: 11: 5: 6077: 6075: 6067: 6066: 6061: 6056: 6051: 6046: 6041: 6036: 6031: 6026: 6016: 6015: 6009: 6008: 6006: 6005: 6000: 5995: 5989: 5987: 5981: 5980: 5978: 5977: 5972: 5970:Planning Board 5967: 5962: 5957: 5952: 5946: 5944: 5943:Other agencies 5940: 5939: 5937: 5936: 5931: 5925: 5923: 5917: 5916: 5914: 5913: 5908: 5903: 5898: 5893: 5888: 5883: 5878: 5873: 5867: 5865: 5861: 5860: 5858: 5857: 5852: 5847: 5842: 5836: 5834: 5830: 5829: 5827: 5826: 5821: 5816: 5811: 5805: 5803: 5799: 5798: 5793: 5791: 5790: 5783: 5776: 5768: 5759: 5758: 5756: 5755: 5748: 5741: 5734: 5726: 5723: 5722: 5720: 5719: 5712: 5705: 5698: 5696:(2022–present) 5690: 5683: 5676: 5674:(2020–present) 5668: 5667: 5666: 5659: 5652: 5638: 5636:(2019–present) 5630: 5628:(2019–present) 5622: 5620:(2018–present) 5614: 5606: 5599: 5591: 5583: 5576: 5569: 5562: 5555: 5547: 5540: 5538:(2013–present) 5532: 5525: 5518: 5511: 5504: 5502:(2011–present) 5496: 5494:(2010–present) 5488: 5481: 5474: 5466: 5464: 5463:(2009–present) 5456: 5455: 5453: 5452: 5451: 5450: 5443: 5436: 5429: 5422: 5415: 5408: 5401: 5394: 5387: 5380: 5373: 5366: 5359: 5352: 5345: 5338: 5331: 5328:September 2008 5316: 5314: 5306: 5305: 5303: 5302: 5300:(2007–present) 5294: 5287: 5280: 5272: 5265: 5258: 5251: 5244: 5237: 5229: 5221: 5213: 5206: 5199: 5192: 5185: 5178: 5170: 5163: 5156: 5148: 5141: 5133: 5126: 5119: 5112: 5105: 5097: 5089: 5082: 5075: 5067: 5059: 5052: 5045: 5038: 5030: 5021: 5019: 5006: 5005: 5003: 5002: 4994: 4987: 4980: 4972: 4964: 4957: 4950: 4943: 4934: 4932: 4924: 4923: 4921: 4920: 4913: 4905: 4903: 4895: 4894: 4892: 4891: 4884: 4877: 4869: 4861: 4852: 4850: 4842: 4841: 4839: 4838: 4831: 4824: 4816: 4809: 4802: 4795: 4787: 4780: 4773: 4765: 4757: 4749: 4742: 4735: 4727: 4725: 4717: 4716: 4714: 4713: 4705: 4698: 4691: 4684: 4683: 4682: 4675: 4659: 4657: 4653: 4652: 4650: 4649: 4642: 4635: 4628: 4620: 4613: 4606: 4599: 4592: 4590:(c. 1780–1795) 4584: 4577: 4569: 4561: 4559: 4551: 4550: 4548: 4547: 4539: 4531: 4523: 4513: 4511:(c. 1600–1760) 4505: 4497: 4488: 4486: 4478: 4477: 4475: 4474: 4465: 4463: 4456: 4455: 4453: 4452: 4445: 4438: 4431: 4430: 4429: 4422: 4415: 4408: 4394: 4391:Hyperinflation 4387: 4380: 4379: 4378: 4364: 4357: 4350: 4343: 4336: 4329: 4322: 4314: 4311: 4310: 4305: 4303: 4302: 4295: 4288: 4280: 4273: 4272: 4250:Mohan, Patrick 4241: 4228:Bloomberg News 4210: 4178: 4146: 4114: 4082: 4067:. p. A1. 4039: 4021:Bloomberg News 4006: 3991:. p. B1. 3969: 3943: 3910: 3894:Bloomberg L.P. 3876: 3849: 3794: 3779:. p. A1. 3756: 3722: 3688: 3661: 3610: 3572: 3538: 3503: 3469: 3425: 3410:. p. A1. 3388: 3373: 3341: 3327: 3313: 3278: 3242: 3208: 3190: 3152: 3120: 3083: 3052: 3037:. p. A1. 3015: 2978: 2963:(in Spanish). 2942: 2921: 2887: 2854: 2821: 2795: 2776:(in Spanish). 2765: 2732: 2699: 2668: 2632: 2602: 2560: 2530: 2504: 2492:New York Times 2471: 2435: 2416:(in Spanish). 2405: 2386:(in Spanish). 2370: 2331: 2316:(in Spanish). 2295: 2259: 2229: 2203: 2177: 2148: 2112: 2083: 2066:Tax Foundation 2052: 2034:New York Times 2019: 1991: 1963: 1935: 1922:New York Times 1907: 1892:(in Spanish). 1874: 1842: 1806: 1775: 1748: 1705: 1672: 1657:. p. A1. 1621: 1604:Bloomberg View 1587: 1572:. p. B5. 1546: 1511: 1486: 1461: 1434: 1393: 1391: 1388: 1386: 1385: 1375: 1365: 1356: 1346: 1336: 1326: 1317: 1308: 1299: 1287: 1277: 1267: 1258: 1248: 1238: 1229: 1219: 1209: 1199: 1190: 1175: 1154: 1145: 1135: 1126: 1113: 1103: 1101: 1098: 1097: 1096: 1091: 1086: 1079: 1076: 1026:Theodore Olson 896: 893: 864:Warren Buffett 860: 834: 831: 779:New York Times 717: 714: 705: 702: 693: 690: 664:tax collection 639: 636: 634: 631: 627:Eduardo Bhatia 598: 595: 584: 581: 554: 551: 549: 546: 537:García Padilla 532: 529: 502: 501:2014 downgrade 499: 478: 475: 451:FTI Consulting 443:state monopoly 433:, created the 411:budget deficit 372: 369: 356: 353: 335: 332: 324:Morgan Stanley 312:Santander Bank 306: 303: 295:municipal bond 278: 275: 273: 270: 237:tax assessment 215:. Because the 174: 168: 162: 156: 151: 150: 149: 140: 134: 128: 122: 116: 110: 106: 105: 104: 102: 99: 76:affecting the 62: 61: 42: 40: 33: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 6076: 6065: 6062: 6060: 6057: 6055: 6052: 6050: 6047: 6045: 6042: 6040: 6037: 6035: 6032: 6030: 6027: 6025: 6022: 6021: 6019: 6004: 6001: 5999: 5996: 5994: 5991: 5990: 5988: 5986: 5982: 5976: 5973: 5971: 5968: 5966: 5963: 5961: 5958: 5956: 5953: 5951: 5948: 5947: 5945: 5941: 5935: 5932: 5930: 5927: 5926: 5924: 5922: 5918: 5912: 5909: 5907: 5904: 5902: 5899: 5897: 5894: 5892: 5889: 5887: 5884: 5882: 5879: 5877: 5874: 5872: 5869: 5868: 5866: 5862: 5856: 5853: 5851: 5848: 5846: 5843: 5841: 5838: 5837: 5835: 5831: 5825: 5822: 5820: 5817: 5815: 5812: 5810: 5807: 5806: 5804: 5800: 5796: 5789: 5784: 5782: 5777: 5775: 5770: 5769: 5766: 5753: 5749: 5746: 5742: 5739: 5735: 5732: 5728: 5727: 5724: 5717: 5713: 5710: 5706: 5703: 5699: 5695: 5691: 5688: 5684: 5681: 5677: 5673: 5669: 5664: 5660: 5657: 5653: 5650: 5646: 5645: 5643: 5639: 5635: 5631: 5627: 5623: 5619: 5615: 5611: 5607: 5604: 5600: 5596: 5592: 5588: 5584: 5581: 5577: 5574: 5570: 5567: 5563: 5560: 5556: 5552: 5548: 5545: 5541: 5537: 5533: 5530: 5526: 5523: 5519: 5516: 5512: 5509: 5505: 5501: 5497: 5493: 5489: 5486: 5482: 5479: 5475: 5472: 5468: 5467: 5465: 5461: 5457: 5448: 5444: 5441: 5437: 5434: 5430: 5427: 5423: 5420: 5416: 5413: 5409: 5406: 5402: 5399: 5395: 5392: 5388: 5385: 5381: 5378: 5374: 5371: 5367: 5364: 5360: 5357: 5353: 5350: 5349:December 2008 5346: 5343: 5342:November 2008 5339: 5336: 5332: 5329: 5325: 5324: 5322: 5318: 5317: 5315: 5311: 5307: 5299: 5295: 5292: 5288: 5285: 5281: 5277: 5273: 5270: 5266: 5263: 5259: 5256: 5252: 5249: 5245: 5242: 5238: 5234: 5230: 5226: 5222: 5218: 5214: 5211: 5207: 5204: 5200: 5197: 5193: 5190: 5186: 5183: 5179: 5175: 5171: 5168: 5164: 5161: 5157: 5153: 5149: 5146: 5142: 5138: 5134: 5131: 5127: 5124: 5120: 5117: 5113: 5110: 5106: 5102: 5098: 5094: 5090: 5087: 5083: 5080: 5076: 5072: 5068: 5064: 5060: 5057: 5053: 5050: 5046: 5043: 5039: 5035: 5031: 5027: 5023: 5022: 5020: 5016: 5011: 5007: 4999: 4995: 4992: 4988: 4985: 4981: 4977: 4973: 4969: 4965: 4962: 4958: 4955: 4951: 4948: 4944: 4940: 4936: 4935: 4933: 4929: 4925: 4918: 4914: 4911: 4907: 4906: 4904: 4900: 4896: 4889: 4888:Panic of 1930 4885: 4882: 4878: 4874: 4870: 4866: 4862: 4858: 4854: 4853: 4851: 4847: 4843: 4836: 4832: 4829: 4825: 4821: 4817: 4814: 4813:Panic of 1907 4810: 4807: 4806:Panic of 1901 4803: 4800: 4799:Panic of 1896 4796: 4792: 4788: 4785: 4781: 4778: 4777:Panic of 1893 4774: 4770: 4766: 4762: 4761:Baring crisis 4758: 4754: 4753:Arendal crash 4750: 4747: 4746:Panic of 1884 4743: 4740: 4736: 4733: 4732:Panic of 1873 4729: 4728: 4726: 4722: 4718: 4710: 4706: 4703: 4702:Panic of 1866 4699: 4696: 4695:Panic of 1857 4692: 4689: 4688:Panic of 1847 4685: 4680: 4676: 4673: 4669: 4668: 4665: 4661: 4660: 4658: 4654: 4647: 4646:Panic of 1837 4643: 4640: 4639:Panic of 1825 4636: 4633: 4632:Panic of 1819 4629: 4625: 4621: 4618: 4614: 4611: 4607: 4604: 4603:Panic of 1792 4600: 4597: 4593: 4589: 4585: 4582: 4578: 4574: 4570: 4567: 4563: 4562: 4560: 4556: 4552: 4544: 4540: 4536: 4532: 4528: 4524: 4520: 4519: 4514: 4510: 4506: 4502: 4498: 4494: 4490: 4489: 4487: 4483: 4479: 4471: 4467: 4466: 4464: 4462: 4457: 4450: 4446: 4443: 4442:Social crisis 4439: 4436: 4435:Minsky moment 4432: 4427: 4423: 4420: 4416: 4413: 4409: 4406: 4402: 4401: 4399: 4395: 4392: 4388: 4385: 4381: 4376: 4372: 4371: 4369: 4365: 4362: 4361:Energy crisis 4358: 4355: 4351: 4348: 4344: 4341: 4337: 4334: 4333:Credit crunch 4330: 4327: 4323: 4320: 4316: 4315: 4312: 4308: 4301: 4296: 4294: 4289: 4287: 4282: 4281: 4278: 4261: 4260: 4255: 4251: 4245: 4242: 4230: 4229: 4224: 4217: 4215: 4211: 4199:. p. A18 4198: 4197: 4192: 4188: 4182: 4179: 4166: 4165: 4160: 4156: 4150: 4147: 4134: 4133: 4128: 4124: 4118: 4115: 4102: 4101: 4096: 4092: 4086: 4083: 4070: 4066: 4065: 4060: 4056: 4050: 4048: 4046: 4044: 4040: 4027: 4023: 4022: 4017: 4010: 4007: 3994: 3990: 3989: 3984: 3980: 3973: 3970: 3957: 3953: 3947: 3944: 3931: 3927: 3923: 3917: 3915: 3911: 3898: 3895: 3891: 3887: 3880: 3877: 3864: 3860: 3853: 3850: 3845: 3840:|author= 3833: 3826: 3813: 3809: 3805: 3798: 3795: 3782: 3778: 3777: 3772: 3765: 3763: 3761: 3757: 3744: 3740: 3736: 3729: 3727: 3723: 3710: 3706: 3702: 3695: 3693: 3689: 3676: 3672: 3665: 3662: 3657: 3652:|author= 3645: 3629: 3625: 3621: 3614: 3611: 3598: 3594: 3593: 3585: 3579: 3577: 3573: 3560: 3556: 3552: 3545: 3543: 3539: 3526: 3522: 3521: 3513: 3507: 3504: 3500: 3487: 3483: 3479: 3473: 3470: 3457: 3453: 3449: 3445: 3444: 3439: 3435: 3429: 3426: 3413: 3409: 3408: 3403: 3399: 3392: 3389: 3384: 3377: 3374: 3361: 3357: 3356: 3351: 3345: 3342: 3338: 3337: 3331: 3328: 3324: 3323: 3317: 3314: 3301: 3297: 3296: 3288: 3282: 3279: 3266: 3262: 3261: 3256: 3249: 3247: 3243: 3230: 3226: 3222: 3215: 3213: 3209: 3204: 3197: 3195: 3191: 3178: 3174: 3173: 3168: 3161: 3159: 3157: 3153: 3141: 3134: 3127: 3125: 3121: 3105: 3101: 3094: 3087: 3084: 3071: 3067: 3063: 3056: 3053: 3040: 3036: 3035: 3030: 3026: 3019: 3016: 3012: 3010: 2996: 2992: 2989: 2982: 2979: 2966: 2962: 2961: 2956: 2949: 2947: 2943: 2931: 2925: 2922: 2909: 2905: 2901: 2894: 2892: 2888: 2875: 2871: 2870: 2865: 2858: 2855: 2842: 2838: 2837: 2832: 2825: 2822: 2809: 2805: 2799: 2796: 2783: 2779: 2775: 2769: 2766: 2753: 2749: 2748: 2743: 2736: 2733: 2720: 2716: 2715: 2710: 2703: 2700: 2687: 2683: 2679: 2672: 2669: 2656: 2652: 2651: 2646: 2639: 2637: 2633: 2620: 2616: 2612: 2606: 2603: 2587: 2583: 2576: 2569: 2567: 2565: 2561: 2548: 2544: 2540: 2534: 2531: 2519: 2515: 2508: 2505: 2493: 2489: 2482: 2480: 2478: 2476: 2472: 2456: 2452: 2445: 2439: 2436: 2423: 2419: 2415: 2409: 2406: 2398:September 29, 2393: 2389: 2385: 2381: 2374: 2371: 2358: 2354: 2353: 2348: 2344: 2338: 2336: 2332: 2319: 2315: 2314: 2309: 2302: 2300: 2296: 2280: 2276: 2269: 2263: 2260: 2247: 2243: 2239: 2233: 2230: 2217: 2213: 2207: 2204: 2191: 2187: 2181: 2178: 2165: 2164: 2159: 2152: 2149: 2141:September 19, 2136: 2132: 2131: 2126: 2119: 2117: 2113: 2101: 2097: 2090: 2088: 2084: 2071: 2067: 2063: 2056: 2053: 2040: 2036: 2035: 2030: 2023: 2020: 2008: 2007: 2002: 1995: 1992: 1980: 1979: 1974: 1967: 1964: 1952: 1951: 1946: 1939: 1936: 1924: 1923: 1918: 1911: 1908: 1895: 1891: 1890: 1885: 1878: 1875: 1862: 1858: 1857: 1852: 1846: 1843: 1830: 1826: 1825: 1820: 1813: 1811: 1807: 1794: 1790: 1786: 1779: 1776: 1771: 1764: 1757: 1755: 1753: 1749: 1733: 1729: 1722: 1716: 1714: 1712: 1710: 1706: 1693: 1689: 1685: 1679: 1677: 1673: 1660: 1656: 1655: 1650: 1646: 1640: 1638: 1636: 1634: 1632: 1630: 1628: 1626: 1622: 1609: 1605: 1601: 1594: 1592: 1588: 1575: 1571: 1570: 1565: 1561: 1555: 1553: 1551: 1547: 1531: 1524: 1518: 1516: 1512: 1500: 1496: 1490: 1487: 1475: 1471: 1465: 1462: 1449: 1445: 1438: 1435: 1422: 1418: 1414: 1407: 1405: 1403: 1401: 1399: 1395: 1389: 1379: 1376: 1369: 1366: 1360: 1357: 1350: 1347: 1340: 1337: 1334:poblacional." 1330: 1327: 1321: 1318: 1312: 1309: 1303: 1300: 1296: 1291: 1288: 1281: 1278: 1271: 1268: 1262: 1259: 1252: 1249: 1242: 1239: 1233: 1230: 1223: 1220: 1213: 1210: 1203: 1200: 1194: 1191: 1184: 1182: 1180: 1176: 1172: 1165: 1158: 1155: 1149: 1146: 1139: 1136: 1130: 1127: 1120: 1118: 1114: 1108: 1105: 1099: 1095: 1092: 1090: 1087: 1085: 1082: 1081: 1077: 1075: 1073: 1069: 1065: 1060: 1058: 1054: 1053:Mick Mulvaney 1050: 1046: 1042: 1037: 1035: 1031: 1027: 1023: 1018: 1015: 1011: 1007: 1003: 999: 994: 992: 988: 984: 980: 976: 971: 966: 962: 959: 954: 950: 948: 943: 942: 937: 933: 929: 925: 921: 920:newly elected 916: 909: 905: 901: 894: 892: 890: 889:New York City 886: 882: 878: 869: 865: 859: 856: 850: 848: 844: 840: 832: 830: 828: 824: 820: 816: 812: 808: 804: 800: 796: 792: 788: 784: 780: 775: 772:, introduced 771: 767: 763: 759: 755: 751: 747: 743: 739: 735: 731: 727: 723: 715: 713: 711: 703: 701: 699: 691: 689: 686: 682: 678: 673: 669: 665: 660: 653: 650:just outside 649: 644: 637: 632: 630: 628: 624: 620: 616: 613: 609: 604: 596: 594: 591: 582: 580: 578: 574: 570: 566: 561: 552: 547: 545: 543: 538: 530: 528: 525: 524:Fitch Ratings 520: 516: 512: 508: 500: 498: 496: 492: 488: 484: 476: 474: 472: 468: 464: 460: 456: 452: 448: 444: 440: 439:nationalizing 436: 432: 428: 423: 420: 416: 412: 408: 404: 399: 396: 392: 388: 384: 380: 379: 370: 368: 366: 362: 354: 352: 349: 344: 341: 333: 331: 329: 325: 321: 317: 313: 304: 302: 300: 296: 291: 288: 284: 276: 271: 269: 267: 263: 260:. 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New York. 3704: 3681:February 16, 3679:. Retrieved 3674: 3664: 3634:February 16, 3632:. Retrieved 3624:Fiscal Times 3623: 3613: 3601:. Retrieved 3599:: 1656. 2017 3596: 3590: 3563:. Retrieved 3554: 3529:. Retrieved 3527:: 1632. 2017 3524: 3518: 3506: 3497: 3490:. Retrieved 3472: 3460:. Retrieved 3456:the original 3441: 3428: 3416:. Retrieved 3405: 3391: 3382: 3376: 3364:. Retrieved 3353: 3344: 3335: 3330: 3321: 3316: 3304:. Retrieved 3302:: 1320. 2015 3299: 3293: 3281: 3269:. Retrieved 3258: 3233:. Retrieved 3202: 3181:. Retrieved 3172:The Guardian 3170: 3143:. Retrieved 3111:. Retrieved 3104:the original 3086: 3074:. Retrieved 3065: 3055: 3043:. Retrieved 3032: 3018: 3006: 2999:. Retrieved 2981: 2969:. Retrieved 2960:El Nuevo Día 2958: 2933:. Retrieved 2924: 2912:. Retrieved 2903: 2878:. Retrieved 2867: 2857: 2845:. Retrieved 2834: 2824: 2812:. Retrieved 2808:the original 2798: 2786:. Retrieved 2768: 2756:. Retrieved 2752:the original 2745: 2735: 2723:. Retrieved 2712: 2702: 2690:. 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