Puerto Rico Nears Next Big Default

The transcript discusses the Senate's vote on a bill to aid Puerto Rico amidst its financial crisis. A surprise announcement was made about a potential default on general obligations. The PROMESA bill, which aims to restructure Puerto Rico's debt and establish a Control Board, is detailed. Despite the bill, the governor may still default due to insufficient funds for essential services. Senator Menendez plans to propose an amendment, though its details are unclear. The economic crisis has severely impacted Puerto Rico's local economy and healthcare system, with hospitals struggling to operate.

What was the main reason for the surprise regarding Puerto Rico's default announcement?

• The announcement was made after the deadline.

• The announcement was made on the same day as the Senate vote.

• The announcement was made by an unexpected official.

• The announcement was made well in advance.

What is the primary function of the Control Board established by the PROMESA bill?

• To increase taxes in Puerto Rico.

• To oversee Puerto Rico's budget and debt restructuring.

• To provide direct financial aid to Puerto Rico.

• To replace the governor of Puerto Rico.

What is the uncertainty surrounding Senator Menendez's amendment to the PROMESA bill?

• The amendment's impact on the bill is unclear.

• The amendment's potential to increase Puerto Rico's debt.

• The amendment's support from the governor.

• The amendment's ability to reduce taxes.

How is the financial crisis affecting hospitals in Puerto Rico?

• Hospitals are closing floors and requiring cash payments for supplies.

• Hospitals are expanding their services.

• Hospitals are unaffected by the crisis.

• Hospitals are receiving increased funding.

What is one of the consequences of the Puerto Rican government's debt to contractors and suppliers?

• A boost in the local economy.

• An increase in local employment.

• An improvement in public services.

• A negative impact on the local economy.