What the fuck!
Hedge funds and other investors reap the rewards of the riskiness of the bonds - with yields on Puerto Rican bonds surpassing those of Greece. but actually don't want anything to do with the risk and will pull teeth (Puerto Rican citizen's teeth) to get paid in full what they paid pennies on the dollar for. Assholes.
Some lender should lend money to puerto rico to buy back a chunk of its debt at these depressed prices and then lend some more for development projects. Who can do this without imposing some type of structural adjustment, "you must austerity" bull? Not at all within purview of Fed but maybe tie it in with calls for the fed to buy up muni bonds??? According to an off the record source, the fed can legally do this.
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