P.Rico's goverment runs out of money (Agreement Reached)

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cycloneye
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#41 Postby cycloneye » Sun May 07, 2006 8:40 am

Let's see if today progress is made towards a solution to this shutdown.More meetings are on tap between all sides of the spectrum.Today the unions will decide if a general strike will occur.
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#42 Postby msbee » Sun May 07, 2006 9:28 am

Luis
we are all thinking of you.
a general strike is not what we want to happen.
That's no good for anyone.
How on earth does a government let things get to this extreme?

Well, the way our government here is spending money, I wouldn't be surprised to have the same thing happen some day.
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#43 Postby cycloneye » Sun May 07, 2006 6:42 pm

Teachers Federation confirms Tuesday’s general strike
SAN JUAN (EFE) – In an effort to have the executive and legislative branches reach an agreement so that more than 95,000 government employees can go back to work, Teachers Federation President Rafael Feliciano confirmed Sunday that the main workers unions of the island will participate in the general strike Tuesday.

The slogan of the general strike is “Stop the profits of the wealthy: Let laid-off workers go back to work now!”

However, the union leaders didn’t give details about the demonstrations that will be held in several parts of the island.

"If the government doesn’t heed our demand for justice and reason, if we don’t resume our duties Monday, we and many other will join the strike Tuesday,” Feliciano said.

However, he said that contrary to other general strikes, services won’t be affected.

"This stoppage isn’t against the people, but against the interest of the wealthy,” he said, adding that he will start a movement to affect the profits of the banking industry, mega-stores, and multimillion-dollar corporations.



This is what I fear the most now if this sitike happens.The economy will go crashing and all the services will be affected on way or another.By the way no agreement has been reached this sunday.
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#44 Postby Janice » Mon May 08, 2006 1:06 pm

This was in todays paper. Can someone explain this to me. How are they going to tax us and how do they get that 5%. I am at a lose here.

Senate amends House bill to include 5.9% sales tax
SAN JUAN (EFE) – The Puerto Rico Senate approved late Sunday night amendments to a House bill that would allow the government to impose a 5% tax rate on Individual Retirement Accounts (IRA) and other retirement plans for government and private company employees.

So, does this mean they can get into our IRAs and 401KS?
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#45 Postby Stephanie » Mon May 08, 2006 2:59 pm

Janice wrote:This was in todays paper. Can someone explain this to me. How are they going to tax us and how do they get that 5%. I am at a lose here.

Senate amends House bill to include 5.9% sales tax
SAN JUAN (EFE) – The Puerto Rico Senate approved late Sunday night amendments to a House bill that would allow the government to impose a 5% tax rate on Individual Retirement Accounts (IRA) and other retirement plans for government and private company employees.

So, does this mean they can get into our IRAs and 401KS?


My first question is what are they taxing - the income earned during the year, or the amount that is put into the account? IRA's and 401k's contributions are tax deductible - they are only taxed when you retire and start to withdraw from them. However, we're also talking income tax here, not sales tax. The terminology is confusing - I'd need a little more information.
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#46 Postby Janice » Mon May 08, 2006 3:11 pm

Yes, what you said is what we know. It is just the way they put it in todays paper that is confusing to me. Here is the link....


http://www.prwow.com/html/News_Services ... sp?SORT=14


But, guess what happened to us today..... our island got their credit rating from Washington which they were waiting for and look where we stand... "we are now junk status"

http://www.prwow.com/html/GeneralNews.asp



:roll:

Yes, we never intend to even touch one thing in our retirement till John retires or after 65. But, I am confused as to what they are talking about. Didn't sound like taking it out early.

Things are going to change here on a daily basis, so I suppose I should just wait like everyone else. They are also talking about no deductions of any kind on tax returns and other scary stuff.
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#47 Postby Janice » Mon May 08, 2006 3:14 pm

Maybe it is just a tax for people receiving their retirement money now. I remember Enron, people woke up one morning and everything they had was gone.

This is scary, if the US got another war, like Iran, and a couple Katrinas, things could get bad fast there too.

I know the IRAs are safe, I am just worried about the 22 years of pension.
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#48 Postby Janice » Mon May 08, 2006 4:51 pm

Our ratings could go down even further...

Moody’s downgrades Puerto Rico's credit

By PRWOW News

After meeting with Moody’s Investors Service representatives in New York, Government Development Bank Chairman of the Board, Alfredo Salazar, regretted Moody’s decision to downgrade Puerto Rico’s general obligation bond rating to Baa3 from Baa2 Monday.

“We regret to inform you of Moody’s decision to downgrade all of $25 billion of Puerto Rico government bonds to junk status,” Salazar said in a prepared statement.

According to Salazar, Moody’s also kept the rating on Watchlist for possible further downgrade due to the island’s chronic fiscal and budget crisis, which could continue in the coming years.

“This action reflects the Commonwealth's strained financial condition, and ongoing political conflict and lack of agreement regarding the measures necessary to end the government's multi-year trend of financial deterioration,” reads Moody’s opinion.

The credit rating agency said that even though Commonwealth officials expect to pass and enact legislation on both fronts as soon as possible - possibly within a matter of days or weeks, the budget deficits and fiscal imbalance could continue.

“At this time, the Commonwealth's rating remains on Watchlist. We view the current situation as a high-stakes effort to force a resolution of the Commonwealth's longer term budget issues in the context of the fiscal 2006 budget loan request. If this is not productive, or if the political stalemate continues into fiscal 2007, the rating implications could be negative,” Moody’s report said.

The credit rating agency also noted that assuming the government does agree on a significant tax increase, such as the retail sales tax under discussion, and other measures to improve its finances going forward, credit quality could be improved. However, until a credible financial plan is put in place and begins to bear positive results, rating recovery is not likely.

Resident Commissioner Luis Fortuño said in broadcast reports that it is time to set political disputes aside for the well-being of Puerto Rico.

“This is no longer a political issue, as some might have thought. This is an economic issue that has made Puerto Ricans grow poorer,” Fortuño asserted.

The ratings affected by the downgrade include the Commonwealth of Puerto Rico, General Obligation Bonds; Puerto Rico Aqueduct and Sewer Authority’s Revenue Bonds; Puerto Rico Public Building Authority’s Government Facilities Revenue Bonds; Puerto Rico Highway and Transportation Authority’s Highway and Transportation Revenue Bonds; Puerto Rico Infrastructure Finance Authority’s Special Tax Revenue Bonds; Puerto Rico Convention Center District Authority’s Hotel Occupancy Tax Revenue Bonds, and Puerto Rico Municipal Finance Agency’s 1997 Bonds, 1999 Bonds, 2002 Bonds, and 2005 Bonds.
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#49 Postby cycloneye » Mon May 08, 2006 5:05 pm

Yes not good news at all.Now the goverment will not have money do all the work a goverment normally does.

And tommorow many unions will commence a strike agains the malls,banks,industrys etc.They are going to protest those sectors which they say have plenty of money to help aliviate the crisis.
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#50 Postby Janice » Mon May 08, 2006 5:16 pm

Someone at the university told John to fill water and gas cans today, cause they think they could all be shut off tomorrow. I am stocking up now.

Hey, just like cane season :cry:
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#51 Postby cycloneye » Mon May 08, 2006 5:29 pm

Janice wrote:Someone at the university told John to fill water and gas cans today, cause they think they could all be shut off tomorrow. I am stocking up now.

Hey, just like cane season :cry:


Janice,also we have to be expecting power outages if they can do it.So if the members dont see both of us here all know why.
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#52 Postby Janice » Mon May 08, 2006 5:32 pm

DACO shuts down operations due to fiscal crisis

SAN JUAN (EFE) – Consumer Affairs Secretary Alejandro García Padilla on Monday announced that the Department, known as DACO by its Spanish initials, will close completely until the fiscal crisis is resolved.

García Padilla said that ever since the partial government closing began last Monday, DACO employees have worked as volunteers.

He thanked them for volunteering their time, but said he could no longer ask them to sacrifice their savings and their families to go to work.

“Much to my regret, I can’t guarantee consumer safety anymore,” he added.

However, he said that despite the crisis, DACO regional directors and his personal staff would continue supervising commercial businesses to a minimum degree.
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#53 Postby Janice » Mon May 08, 2006 5:34 pm

We got gas for the generator, so if the phone lines are working, I can chat or post some.
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#54 Postby msbee » Mon May 08, 2006 5:41 pm

this is really bad for you guys
Hang in there!
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#55 Postby Janice » Mon May 08, 2006 5:48 pm

Hey, us island people are tough. Like going thru a cane. Just have to prepare, food, gas, water, etc. No wimps down here... :D
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#56 Postby cycloneye » Mon May 08, 2006 6:42 pm

msbee wrote:this is really bad for you guys
Hang in there!


We are prepared for anything that may occur here.
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#57 Postby Janice » Tue May 09, 2006 3:58 am

Retail sales drop 24% after first week of government lockout


SAN JUAN (EFE) – Puerto Rico Trade & Export Executive Director Ricardo Rivera Cardona said Monday that during the first week of the government lockout, retail sales have dropped 24% or approximately $120 million when compared to the same week last year.

Rivera Cardona said these data were collected by the agency from among several retail stores.

"These are conservative estimates. As days go by and the crisis continues, the impact will be even greater due to its multiplying effect. This week, 15 municipalities announced they are going to close, which will affect retail sales even further,” said Rivera Cardona, who promised to monitor the situation.

The sample survey includes hardware stores, food stores, body shops, gas stations, clothing stores, furniture stores, drug stores, toy and jewelry stores, cafeterias, and restaurants.


I sure hope Ola is doing ok with their darling shop.
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#58 Postby Janice » Tue May 09, 2006 4:40 am

Retailer asks for moratorium on debt obligations to banks


SAN JUAN (EFE) – Businessman Ángel Oliveras asked the Legislature on Monday to approve a 90-day moratorium for small and medium-sized businesses on debt obligations to banks and government agencies.

Oliveras said United Retailers Association members have been seriously affected by the government lockout.

“We’re mostly talking about business owners near government agencies and all those members who have service contracts with the government,” Oliveras said in a prepared statement.

He added that several association members are about to close their businesses this week due to this situation.

Should the lockout continue, a lot of meats products and other merchandise will go to waste in a week, Oliveras said.
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#59 Postby cycloneye » Tue May 09, 2006 7:02 am

Let's hope that the committee that was created after a meeting between the Governor,the speaker of the house,the senate president and religious leaders come as the cause to solve this problem.
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#60 Postby Janice » Tue May 09, 2006 9:35 am

Unions call off protests after government leaders agreed to talk

SAN JUAN (EFE) – The General Workers Union (GWU) and the Puerto Rican Workers Union (PRWU) agreed on Tuesday to hold off all protests until the task force appointed by Gov. Aníbal Acevedo Vilá, House Speaker José Aponte Hernández, and Senate President Kenneth McClintock, as well as a group of religious leaders reaches an agreement on how to solve the fiscal crisis that triggered the credit downgrade on government bonds.

GWU President Juan Eliza Colón and Roberto Pagán, president of the PRWU, said in a prepared statement that their organizations are committed to working together with other members of the United Workers Movement.

"We believe the committee created last night should work in peace. We will hold off protests until 6 p.m. Wednesday, when the committee is expected to recommend a solution,” the union leaders said.

Colón and Pagán added that they will also evaluate the recommendations to see whether they measure up to their expectations.

In related news, San Juan Mayor Jorge Santini said the 24-hour vigil in Old San Juan was successful in that it helped enlighten the leaders of the executive and legislative branch in order to appoint a committee that should be able to deliver results in 48 hours.

"The word of God definitely has no limits,” Santini added.
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