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Latin American Economy & Business - May 2016 (ISSN 1741-7430)
Puerto Rico: The buck is passed…to Washington DC
Following the declaration of a moratorium on payment of most of US$422m due from the Government Development Bank (GDB) for Puerto Rico on 1 May 2016, the government has reached an agreement with the Ad Hoc group of creditors[1], who account for some US$900m of the GDB’s US$4bn in outstanding bonds. The GDB has agreed to pay interest on its bonds and in return the Ad Hoc group will not undertake legal action against the government or the GDB for the remainder of May. The Ad Hoc group also will accept a 53% ‘haircut’ on its investment. However, a number of details still need to be settled, not least of which is the passage of crucial legislation by the US Congress.
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- Argentina: When will inflation turn the corner?
- Colombia: Higher interest rates, lower growth, but a soft-landing overall
- Venezuela: The shortage economy
- Honduras: Some improvement, but structural problems persist
- El Salvador: Stuck in a vicious cycle
- Puerto Rico: The buck is passed…to Washington DC
- Ecuador: Correa leaves no stone unturned post-earthquake
- Paraguay: Full maquila ahead?
- Region: Commercial Real Estate: at a low point in the cycle
- Region: Capital markets better in first quarter
- Region: Corporate Radar