alejandro garcia padilla
The commonwealth can't make an upcoming $2 billion payment.
Crumbling schools, a tanking economy and mass migration all plague the commonwealth.
Puerto Rico's Governor Alejandro Garcia Padilla declared an emergency at the island's Government Development Bank (GDB) on
2016 will likely bring more financial misery for the beleaguered island.
The island will default on nearly $40 million in debt in January.
Commonwealth officials are not happy about a legal brief the U.S. filed in a little-noticed Supreme Court case.
In 2015, state legislators considered bills to legalize marijuana in 21 states, decriminalize marijuana possession in 17 states, and legalize medical marijuana in 19 states. The table was set in other ways that will lead to a healthy serving of marijuana policy reform in 2016.
As Puerto Rico "unfolds into chaos," lawmakers are taking their time to help the island, which over 3.5 million Americans call home.
“Not in the Middle East, not in Syria. Here, under the flag.”
Chapter 9 is part of the solution to Puerto Rico's complicated debt and liquidity crisis. The alternative -- doing nothing and watching bondholders subject Puerto Rico to years of litigation and chaos -- would be a disaster for a business community that thrives on predictability and order.
The government is $73 billion in debt.