Puerto Rico’s new governor, Wanda Vázquez, has been trying to distance herself from the previous Rosselló administration. For example, she recently suspended a $450,000 grid reconstruction contract that was subsequently cancelled by the Puerto Rico Electric Power Authority (PREPA). But hundreds of millions of dollars in natural gas infrastructure contracts continue to move forward unchallenged. […]
The Puerto Rican legislature will soon consider a debt restructuring deal for Puerto Rico’s Electric Power Authority (PREPA) that is unaffordable and risks jeopardizing the island’s economic recovery, according to a report released today by the Institute for Energy Economics and Financial Analysis (IEEFA). The report, “Puerto Rico Electric Power Authority debt restructuring: A weak […]
Puerto Rico bond insurers this month filed suit against eight well-known investment banks (UBS, Citi, Goldman Sachs, J.P. Morgan Securities, Morgan Stanley, Merrill Lynch, RBC and Santander) for failing to perform proper diligence on Commonwealth bonds worth approximately $11 billion. The train of neglect ran from 2001 to 2015 and included revenue and expenditure falsification […]
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