Friday, May 26, 2017

PR owes $8 million to Microsoft & $12 billion to BPPR

Five Facts About Puerto Rico's Utter Economic Misery
Unemployment rate high on island nation
By JACKIE WATTLES May 08, 2017

NEW YORK (CNNMoney) - Puerto Rico is in the midst of a bleak economic crisis.
The island has $74 billion in debt and another $50 billion in pension obligations on the books, making its case

1. Fewer than 1 million people have jobsThe island has a population of about 3.5 million people -- and only about 1 million of them are employed.
CNNMoney has found that doctors are leaving Puerto Rico at a rate of one per day.

2. It owes $8 million to Microsoft & $12 billion to Banco Popular de PR
Banco Popular de Puerto Rico,the trustee on the massive bonds the island has issued
Puerto Rico owes Microsoft more than $8 million for "services" the software company has provided. It also owes $3.2 million to Manpower, a talent recruitment agency.

3. Puerto Rico could face 'many' creditor lawsuits
PR Faced at least 22 lawsuits from creditors at the time its bankruptcy documents were filed May 3. PROMESA safeguarded the island from law suits but that law's protections expired May 1.

4. Cutting Obamacare funds will make crisis 'exponentially' worse
Island will lose millions from the Affordable Care Act next year.

5.Pension programs are drying up
The three main retirement systems in PR are expected to "deplete" all their assets between July and December, the documents say.

Full Article: Five Facts About Puerto Rico's Utter Economic Misery

Comment by MJR: Microsoft PR  has 170 employees and receives 22.8 million in Tax Benefits a year per employee. (OUTRAGEOUS AND INCOMPREHENSIBLE !!)