The Government of Puerto Rico Tuesday announced the largest public debt restructuring in US history, thanks to which the island has formally managed to avoid bankruptcy after a debt of US$ 70 billion seven years ago was beyond its repayment capacity.
Cruise ship visits to San Juan, Puerto Rico are being canceled for the 2020-21 season due to the privatization of the cruise port. According to the local newspaper, El Nuevo Día, Royal Caribbean is canceling 90 calls to San Juan, Puerto Rico for the 2020 and 2021 season. The news was released by Fermin Fontanez, the director of the Authority for Public-Private Partnerships that these cancellations would happen.
Puerto Rico got its third governor in less than a week on Wednesday just hours after the bankrupt US territory's Supreme Court ruled that Pedro Pierluisi's assumption of the office was unconstitutional and ordered him to leave.
The co-owner of a Manhattan deli in New York, where someone purchased one of two Powerball tickets that hit the US$ 688 million jackpot said he likely sold the winning ticket, but he has no idea who won.
Hurricane Maria has knocked out power to the entire island of Puerto Rico, home to 3.5m people, emergency officials have said. Abner Gomez, head of the disaster management agency, said none of the customers of Puerto Rico's Electric Power Authority had any electricity.
A fire forced more than 500 people to be evacuated from a cruise ship about a mile off Puerto Rico's northern coast on Wednesday. The U.S. Coast Guard brought passengers to the shore as the fire continued to burn aboard the Caribbean Fantasy, a combination cruise and ferry ship. Other agencies also joined the rescue effort until fire forced them to abandon the ship.
Bacardi filed suit on Monday against the United States demanding an explanation of its decision to let Cuba sell Havana Club rum in the United States once the U.S. trade embargo against the Castro brothers' island is lifted.
Puerto Rico's Government Development Bank announced Monday that it was only able to make a partial payment on its Public Finance Corporation (PFC) debt service due over the weekend. In response to the non-payment of the full service, credit rating agency Moody's said it viewed the situation as a default.
Bolivian president Evo Morales revealed on Friday that Pope Francis told him that there are three pending issues in the continent, Puerto Rico, Falklands/Malvinas and Bolivia's sea outlet claim. The pope has been recognized by all sides as the 'bridge' which helped bring together Cuba and the US after over half a century of mutual distancing.
Puerto Rico’s governor Alejandro Garcia Padilla has admitted that the island cannot pay its roughly $72 billion dollars in debts, an admission that will probably have wide-reaching financial repercussions beginning Monday. Last week the governor and his top staff anticipated they would seek significant concessions from the island’s creditors.