Puerto Rico trying to declare bankruptcy.

Can we boot Puerto Rico from the USA zone?

Q Why are there no Puerto Rican doctors?
A Because you can't write prescriptions in spray paint

Q Why don't they kill flies in Puerto Rico?
A its the national bird

Q Know why there's no Puerto Ricans on Star Trek?
A They don't work in the future either

Seriously though..why is PR a Commonwealth? What purpose do they serve us ?

I think Chicago's financials are worse than PR's.

How fucked are they?

Greece is going to get booted from the Eurozone. Banks are shut down .

Puerto Rico trying to declare bankruptcy.

The Euro Group will make a last-minute deal with Greece...they don't want to eat $300 billion in loans. It's the old proverb..if I owe you $1, you own me, but if I owe you $1 million, I own you. They should have never let it get to this point, but just like with central banks all over the world, the cheap money was too hard to resist.

Can we boot Puerto Rico from the USA zone?

Just make them 51 or bail them out.

It is one thing to run a deficit during a recession or war, but to do so over entire economic cycles will lead to a day of reckoning.

So how did Greece get so fucked to start with? "Lazy" state workers pension payments? What happened to their economy?

So how did Greece get so fucked to start with? "Lazy" state workers pension payments? What happened to their economy?

A lot of government freebies as well.

The following video, created by Ray Dalio, is well worth watching for those who want to know why your statement is true. In a nutshell, we are past stage 1 (productivity increases) and stage 2 (central banks increasing money supply) and headed for stage 3 (deleveraging/writeoffs).

http://www.economicprinciples.org/

Damn I was just joking but…


Quite simply, its debts were too high and inflation was out of control. By 2000, the EU finally allowed it to join, though there were suspicions at the time that Greece was operating a "limbo dance" – squeezing its figures to hit the stringent euro criteria, only for them to flip back to dangerous levels once it had entered. Indeed many believe Greece simply lied about its figures to gain entry.
At the time its inflation was 4 per cent, much higher than the European average, and was suffering from one in ten people out of work – a higher figure than currently in recession-hit Britain.
By joining the euro, however, it suddenly enjoyed substantially lower interest rates, because the it was able to borrow in euros. Whereas during the 1990s, Greece had frequently had to pay out 10 per cent or more (18 per cent in 1994) to borrow money, its rate fell dramatically to 3 per cent or 2 per cent.
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Ben May, Greek economist at think tank Capital Economics, said: "Their mistake was to go out, borrow money and use it to fund huge wage growth, rather than pay down its already substantial debts."
Greece went on a spending spree, allowing public sector workers' wages to nearly double over the last decade, while it continued to fund one of the most generous pension systems in the world. Workers when they come to retire usually receive a pension equating to 92 per cent of their pre-retirement salary. As Greece has one of the fastest ageing populations in Europe, the bill to fund these pensions kept on mounting.

Now you know what we are headed for here as well.