Greece's got some company! American controlled Caribbean island of Peurto Rico is deep in the water and is seeking help from Uncle Sam. Same problems, same consequences - un-competitive economy, bloated payroll and retirement benefits backed by investors from mainland seeking juicy returns. In both cases the parent company i.e. Eurozone in case of Greece and US in case of Peurto Rico does not allow the 'subsidiary' to declare bankruptcy.
Its going to be chaotic and litigious days ahead. I've ordered a truck load of newsprint and a sack of coffee to sit back, relax and watch yet another 'batting' collapse unfold.
Long live...Peurto Rico ! Long live Greece !
Reference Links:
http://www.bloomberg.com/news/articles/2015-06-29/from-puerto-rico-to-greece-credit-traders-put-on-the-defensive
http://www.bloomberg.com/news/articles/2015-06-29/puerto-rico-will-seek-to-suspend-debt-payments-in-restructuring
http://www.cnbc.com/id/102764396
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