Greece on the Caribbean?

By |2017-07-17T12:22:43+00:00July 1st, 2015|Global Market Update|

Are the lights going out in Puerto Rico? Photo: Joao Pacheco. Source: Picjumbo Today the Puerto Rico Electric Power Authority (PREPA) is scheduled to pay $400 million in principal and interest to bondholders. It’s unlikely that they have cash to do this. They drew down their reserve account a year ago, and haven’t built it back up. In fact, the bond’s trustee issued a notice a couple weeks ago, warning that they don’t have the funds to make the payment. The default is likely [...]