More than 70% of US Municipal Bond holders are exposed to Puerto Rican debt, in excess of $1 billion. Operating in an environment with no oversight or regulation, this powerful group of private investors do not want any default on their bonds and expect a return of 100% or more. There is a dawning realisation within the White House that Puerto Rico cannot simply be abandoned like a failed Casino. Yet again, we see the way in which pure unregulated capitalism is creating unmitigated misery.
Dear Catalans, You are not allowed to secede from Spain. The EU ‘owns’ Spain, and Spain ‘owns’ you. Catalonia is a wholly owned subsidiary of Spain. Spain is a subsidiary of the EU. And the EU is non-negotiable. Vast amounts of capital went into this project; if it fails it will bring down the global banking system.