Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
Microsoft founder Bill Gates takes an aggressive approach to investing, despite being the second richest person in the world.Wealthread more
Viacom chief executive officer Bob Bakish is not worried about competition in the streaming space, on the heels of its merger with CBS.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Bob Bakish, the head of a newly combined CBS and Viacom, said he was "disappointed" by both stocks' reaction to the recent deal.The Faber Reportread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
But the situation is much less dire for the American territory than it is for Greece, in part because Puerto Rico's debt levels are a much lower percentage of its GDP, compared with Europe's "sick man." The CIA World Factbook places Puerto Rico's at 93.6 percent and Greece's at 174.5 percent.
That difference gives the island's government more latitude for handling the situation, according Vicente Feliciano, president of San Juan-based Advantage Business Consulting.
"Just the magnitude of the debt is very different," he said. "Still, some adjustments need to be made, both on the fiscal front and supply side reforms."
Unlike Greece's government, which has struggled to implement consistent reforms, the Puerto Rican government has been tackling economic change for the last nine years, Feliciano said. Those adjustments included a new sales tax, public sector job cuts and more.
As Greece struggles to negotiate with its lenders in Europe, Puerto Rico's political leaders have maintained their commitment to meeting all government general obligation debts, but not all debt held by public firms (such as the Puerto Rico Electric Power Authority).
Holders of Puerto Rican debt, much of which belongs to hedge funds, are watching for results of a legislative battle over the territory's 2016 budget. In its downgrade last week, S&P wrote that an extended disagreement about key budget provisions could "exacerbate liquidity and fiscal pressure."