The Governor of Puerto Rico, Alejandro Garcia Padilla, is warning that Puerto Rico won't be able to pay its $72 billion public debt. There have been international economists who recently released a critical report on the Puerto Rican economy.
Puerto Rican bonds were very popular with investors because they were tax-free, but hedge funds and debt buyers began buying up the debt as Puerto Rico's economy worsened and its credit rating dropped. Between March 2011 and October 2013, some of the funds lost 1/2 to nearly 2/3 of their value and have failed to recover. Many see Puerto Rico heading into restructuring or default. A report released recently found Puerto Rico's fiscal debt larger than originally imagined and urged the government to act quickly. According to their constitution, the debt has to be paid before any other financial obligation. The governor recently confirmed he may be seeking permission from the US Congress to declare bankruptcy.
Lars Soreide of Soreide Law Group has been quoted in several national publications regarding the lawsuits he has filed regarding Puerto Rican bonds on behalf of his clients. Please see some the blog articles:
https://www.securitieslawyer.com/securitieslawyerblog/?p=4905
https://www.securitieslawyer.com/securitieslawyerblog/?p=3907
https://www.securitieslawyer.com/ubspuertoricofundloss.html
Soreide Law Group (https://www.securitieslawyer.com) is currently representing investors nationally and internationally regarding Puerto Rican bond losses. If you've experienced investment losses in Puerto Rico or in the United States, please call Soreide Law Group (888) 760-6552 for a free consultation on how you may be able to recover your losses.
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