Puerto Rico Investors to Get 10 to 20 Cent Recoveries, Bass Says
08 October, 2017, 01:13 | Author: Chad Mckenzie
October 6, 2017 (EIRNS)-In the aftermath of President Trump's statement earlier this week that Puerto Rico's huge $72 bn. debt should be written off, there have been several attempts to explain what he meant, or claim that he "didn't really mean it".
The president repeatedly tried to say "Puerto Rico" in what he deemed to be a Spanish accent but which actually turned out to be something entirely alien.
Puerto Rico bondholders should only expect to recover 10 to 20 cents on the dollar when the island emerges from its record-setting bankruptcy, in line with recoveries seen when sovereign nations default, according to Kyle Bass, managing partner of Hayman Capital Management.
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Donald Trump put a painful amount of emphasis on pronouncing "Puerto Rico" during his live speech on Friday afternoon.
A woman in the crowd responded, "President Trump, we love you!"
Hispanic business, community, and faith leaders invited to join in the celebration are sure to be excused if their attention was diverted by Mrs. Trump's bold ensemble - an outfit that featured a tight-fitting white sweater and a flamenco-style red skirt with ruffles. Sometimes they're too tough. I have to deal with it. I have to deal with it.
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Twitter, on the other hand, was not amused by the president's over-pronunciation of the hurricane-ravaged island's name, given his rocky relationship with the Latino community. "Puerto Rico", he said, affecting his pronunciation of the name of the USA territory.
Trump's remarks also come just days after his recent visit to Puerto Rico following the devastating Hurricane Mariadrew sharp criticism over his "condescending" remarks and "shameful" paper towel throwing during the trip.
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