May 10 2006
Breaking News : Island Is Opening Again–Or Is It?
Well, from what we’ve heard so far, people will be back to work on Monday. They are going to pay for the budget shortfall via a loan from the central bank. Still waiting to hear what will pay for that loan. They basically said that the committee presented their recommendation to the parties, and now the parties have the next day or so to decide to ratify or not (though they had all already gone on record to say they would sign the committee recommendation). So, we should hear something more real by the end of the week. We hope.
So, what will it be? A 7% sales tax (on top of an existing 6.6% import/excise tax)? Retro-taxing big corporations? Raising income taxes? Selling the island to Mexico? Who knows.
One Response to “Breaking News : Island Is Opening Again–Or Is It?”

How reassuring…
New York-based Moody’s Investors Service cut the rating of the territory’s general obligation bonds to one notch above junk status — affecting about $25 billion of government debt.