The governor is not asking for the federal government to bail them out of this problem. Puerto Rico only asking for the right to declare bankruptcy, which is the same right that states have. Because Puerto Rico is not a state, it cannot avail itself of the provision in federal bankruptcy law that enables cities like Detroit to restructure its debt in an orderly fashion.
They say that clothes make the man. They also make the man in the movie and, sometimes, even make the movie itself live on in th...
I seem to spend a lot of time educating people that most everything they know about bankruptcy is just plain wrong. In fact a friend of mine just told me they were going to file bankruptcy and my answer was, "congratulations."
The announcement that the banks and stock market in Greece would be closed was made by the Greek Prime Minister on Sunday, June 28, 2015. Within 24 hours, markets around the world declined in value. There wasn't any country you could escape to for safety.
As the recent global financial crisis taught us, privatizing gains while socializing losses is a dangerous economic policy and financial contagion cannot be easily quantified or reversed.
As most people know, economists are good at rewriting history. We have seen this in the last few years as the collapse of the housing bubble and the ensuing downturn has been turned into one of those unavoidable tragedies that could not have been prevented.
Fast track trade authority passed last week. So many of us fought so hard but The money won again -- this time. What do we do now? We take this awareness and energy into the fight against the Trans-Pacific Partnership (TPP).
Today, the Earth got a little hotter, and a little more crowded. ...
We live in a wondrous age of age-defying wonder. If you've made it to 30, hey, it's pretty much the new 20. Then comes that other big milestone, 40. Have no fear; it's the new 30.
Divorce property division involves numerous financial and legal issues. The following is a brief list of 20 questions, among many, that must be resolved.
The last thirty years have seen private sector dominance of government. The results are disastrous and clearly seen. Tax codes and laws were established to benefit specific corporations and industries, while creating barriers to entry for new technologies and small companies.
Economies are computers, and the capacity of an economy to generate income is a side effect of that economy's computational capacity. This helps explain international differences in income, as it implies that economies that embody vast computational capacities, such as the economies of South Korea, Taiwan or Silicon Valley, should be richer than those that struggle to compute, like the economies of many Latin American and Sub-Saharan countries.
Look to any local high street at the moment and you will see an economy on the rise. After years of high street collapses, financial crises and economic downfalls, local businesses are finally on the up and it's all thanks to one thing in particular.
15 years ago, when 40 companies formed the Global Compact at the United Nations, they laid out the principles for a more inclusive and sustainable world. UN Secretary General Kofi Annan called for a "global compact of shared values and principles, which will give a human face to the global market."
It is still early days for the American newfound interest in health and wellness, but as organics only make up 5 percent of total food sales I think the industry has a long runway of growth ahead.
The Economist Intelligence Unit (EIU) in London today released its long-term macroeconomic forecasts with key trends from now to 2050.