國家負債已不算新聞，而波多黎各國債被評垃圾級別，再不為市場帶來太大的衝擊‧
但此文作者除了分析國家負債而帶來經濟衰退一沉不起的惡性循環外，還提出建議，指出國家之間的協商可為波多黎各帶來最起碼的復甦曙光。
這是減少對各債主債仔衝擊的較佳方案。
"Ryan McCarthy has a good round-up of Puerto Rico’s debt problems, which have now been exacerbated by S&P downgrading the island’s bonds to junk status. (Moody’s and Fitch are certain to do so as well, in short order.) For a good one-stop overview of most of the big issues, I can recommend Nuveen Asset Management’s note, which includes this chart:
What you’re seeing here is a vicious cycle: as debt problems pile up, economic activity decreases, which causes even bigger debt problems, even lower economic activity, and so on. Puerto Rico is now shrinking at a 6% annual pace, and that number is probably going to get worse before it gets better. The chances of the island’s economy actually growing at any point in the foreseeable future seem remote: indeed, the country has essentially been in one long and nasty continuous recession since 2006.
...
In many ways, Puerto Rico is similar to those other tourist destinations, Portugal and Greece — it’s highly indebted; it’s not particularly well educated (only half of Puerto Ricans over 25 have graduated from high school, and only a quarter of high-school graduates go on to get a bachelor’s degree); and it is hobbled by being unable to devalue its currency.
...
The default will be messy, however, since there’s no chapter of the US bankruptcy code which encompasses Puerto Rico. A lot of different court cases will be held in a passel of different jurisdictions, and a lot of lawyers will get rich. In the end, everybody is going to have to take a nasty hit — including the island’s retirees, whose pension fund is woefully underfunded. From a legal perspective, there will be some fascinating arguments about sovereign immunity, and whether (and how) bondholders can attempt to enforce their contractual rights, absent any kind of overarching bankruptcy regime. In the end, restructuring terms could end up simply being dictated by Congress.
Still, the important thing is not the process, it’s the final outcome. If Puerto Rico manages to emerge from default freed of its massive debt burden, it will finally have a chance to start growing again. If it doesn’t, it won’t. The problem is that there’s no easy way of herding the bondholders and bond insurers, all of whom are going to want to maximize their financial recovery, thereby making Puerto Rico’s real recovery that much more difficult.
My advice to the Puerto Rican government, then, is this: start having quiet conversations in Washington about a piece of legislation which would give the island the legal freedom and ability to restructure its debts in a clean, one-and-done manner. Such a law would not be a bailout: it would involve no money flowing from DC to PR. But it would allow Puerto Rico to default on its debt and come out the other side, without the risk of years of legal chaos. While bondholders would squeal, at least they would get certainty. And Puerto Rico would get something much more valuable still — an opportunity to finally drag itself out of its horrible recession."
Puerto Rico needs to prepare for its default - Extract from Felix Salmon Blog 5/2/2014
Source:
http://blogs.reuters.com/felix-salmon/2014/02/05/puerto-rico-needs-to-prepare-for-its-default/
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