This Exit Mechanism Issues List describes the mechanisms and/or reasons that a partner may use to exit from a venture.
This Exit Mechanism Issues List describes the mechanisms and/or reasons that a partner may use to exit from a venture.
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Puerto Rican national debt is now approximately $74 billion, but unlike mainland municipalities, Puerto Rico is not protected by Chapter 9 of the U.S. Bankruptcy Code and cannot file for bankruptcy.
PROMESA's Title III follows roughly the U.S. bankruptcy law. Puerto Rico's creditors are separated into groups based on the different legal rights of their claims, such as the kind of bonds they own or other claims, such as pensions.
Poverty, malnutrition, illiteracy, and disease permeated the population. Such social stresses induced a wave of low-income Puerto Rican workers to migrate to the United States, particularly during the 1930s when unemployment on the island was approximately 65 percent.
The migration to the 50 states slowed in the 1960s and 70s, as an urban recession led to fewer jobs in U.S. cities, and many of the first generation returned to Puerto Rico. At the same time, many migrants struggled with poverty, unemployment, and racial discrimination in their new home.
Puerto Rican households experience a number of financial hardships: The annual household median income in Puerto Rico was just below $22,000 in 2021. 1.4 million people in Puerto Rico are reported as living below the federal poverty line.
The debate over Puerto Rico's statehood remains as relevant as ever, as the island struggles with the combined effects of economic depression, shrinking population, debt crisis and bankruptcy, natural disasters, the COVID-19 pandemic, and government mismanagement.
The reasons behind the island's current economic woes are complex, with plenty of blame to go around: federal funding shortfalls and tax policies that hamper economic growth, poor budget practices by the island, predatory lending by hedge funds, and the complicated and oft unjust relationship between the U.S. and ...
1868: El Grito de Lares Rebellion, demanding Puerto Rico's independence from Spain. 1873: Slavery abolished in Puerto Rico. 1898: U.S. troops invade Puerto Rico during Spanish-American War. Spain cedes Puerto Rico to U.S. under Treaty of Paris.