– Puerto Rico To Run Out Of Cash By Year End, Faces $13 Billion Shortfall (ZeroHedge, Sep 9, 2015):
Remember when two months ago Schauble, jokingly, offered Jack Lew to “trade” Greece for Puerto Rico? Something tells us in the interim period the German finmin changed his mind because while the Greek can has been kicked again, if only for the time being until bailout #4, the full severity of the Puerto Rican insolvency was laid out for all to see moments ago when top officials and outside advisors to the commonwealth released a highly-anticipated report showing that island’s whopping funding gap of $28 billion will at best be reduced to “only” $13 billion over the next several years. Worse: according to the report of the so-called Working Group, the Treasury’s single cash account and Government Development Bank would exhaust available liquidity before the end of the year
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