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Governor Of Puerto Rico Set To Impose Capital Controls To Preempt Bank Cash Run
Wednesday, April 6, 2016 15:18
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Yesterday, in the latest plot twist surrounding the inevitable Puerto Rico default, we observed that after the commonwealth island's Senate passed a surprising bill to impose a debt moratorium on any future debt repayment, its bonds – predictably – tumbled.
We also noted that the legislation addressed the Government Development Bank, or GDB, which is facing speculation that it’ll lapse into insolvency. The bank’s receivership process, liquidity and reserve requirements and payment obligations would be suspended indefinitely, according to an analyst's read of the bill, which also seeks to split the entity into a “good bank” and “bad bank.” …. http://www.zerohedge.com
Source: http://luismmx.blogspot.com/2016/04/governor-of-puerto-rico-set-to-impose.html
