Guess who gets to pay for this?
You and me.
“Guess who gets to pay for this?
You and me.”
You’re jumping the gun. This is the logical next step in the negotiations between the creditors and the Puerto Rican authorities. There’s a LOT of incorrect facts out there . . . the equivalent of fake news . . .
The General Obligation debt has been trading at a discount for years now due to the probability of this hair cut in the face value of the bonds. But a number of other PR bonds, like specific revenue bonds, are holding up at Par just fine.
Don’t be fooled into thinking this is ALL general obligation debt, it isn’t. Not by a long shot.
You own any of these bonds? I don’t.