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Month: September 2019

Puerto Rico Oversight Board proposes debt restructuring plan

The Financial Oversight and Management Board for Puerto Rico filed its proposed Plan of Adjustment to restructure $35 billion of debt and other claims against the Commonwealth of Puerto Rico, the Public Building Authority (PBA), and the Employee Retirement System (ERS); and more than $50 billion of pension liabilities. The Plan provides a framework to reduce the Commonwealth of Puerto Rico’s debt to sustainable levels and provides a path to exit bankruptcy. It reduces the Commonwealth’s $35 billion of total liabilities –bonds and other claims – by more than 60%, to $12 billion. Combined with the restructuring of COFINA...

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US Territories’ September 23-29, 2019 news week in tweets

Massive Power Outage Leaves 150,000 Puerto Ricans Without Power BREAKING: Major power outage in Puerto Rico has left close to 150,000 customers in the dark. Cause: Ecoeléctrica, the private natural gas power plant, has suffered another failure. Ecoeléctrica provides energy to the public power grid, hence the outage. — David Begnaud (@DavidBegnaud) September 29, 2019 A massive power outage left between 150,000 and 200,000 Puerto Ricans without power on September 28. The disruption was resolved for most of the customers affected in approximately an hour but was the second major outage in the last week in the territory....

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US Territories’ September 16-22, 2019 news week in tweets

Two Years After Hurricane Maria, Joe Biden Points to Donald Trump’s Failings Two years ago, Hurricane Maria made landfall in Puerto Rico — devastating the island and killing thousands. At a time when our fellow Americans needed help the most, President Trump failed them. — Joe Biden (@JoeBiden) September 20, 2019 Two years after Hurricane Maria devastated Puerto Rico Democratic presidential candidate Joe Biden points out how Donald Trump has failed the people of Puerto Rico.   $100’s of Millions Diverted From Puerto Rican Military Base to Help Fund Border Wall Puerto Rico has had more projects defunded...

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What to do this week of September 22, 2019

165 weeks down, 58 weeks to the presidential election. The AoC Checklist features clear, well-researched actions for Americans who value democracy, equality, voting, and respect. To stay engaged through challenging times, we practice gratitude, self-care, and celebration. I value democracy. With respect and collaboration, we work to create a nation that welcomes all people, expands freedoms, and upholds the Constitution. ▢ Action 1: Remind the high school students in your life to register to vote. [h/t The Civics Center] What to say: National High School Voter Registration Week (September 23-27) is a great time to register to vote so you can participate in this November’s election (even 16-...

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US Virgin Islands officials angered after federal government delays funds due to Puerto Rico crisis

It has been roughly 2 years since Hurricane Marie struck the islands of Puerto Rico and the United States Virgin Islands, yet both continue to haggle and fight with the federal government over the much-needed federal relief aid funds to assist in their recoveries.  At the end of July, President Donald Trump announced he would delay over $8 billion in funds destined for Puerto Rico over worries of misuse, and roughly $770 million in funds destined for the US Virgin Islands due to capacity issues. “Recovery efforts in jurisdictions prepared to do their part should not be held back...

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