Bankruptcy law and puerto rico

The Catholic Church in Puerto Rico is part of the worldwide Catholic Church in communion with the pope in Rome.
The 78 municipalities in Puerto Rico have a Catholic church which is located in the downtown area, normally across from the central plaza.

The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum.
The main drivers of Puerto Rico's economy are manufacturing, primarily pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism.
The geography of Puerto Rico and its political status are both determining factors on its economic prosperity, primarily due to its relatively small size as an island; its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United States federal government, which controls its foreign policies while exerting trading restrictions, particularly in its shipping industry.

The government of the Commonwealth of Puerto Rico is a republican form of government with separation of powers, subject to the jurisdiction and sovereignty of the United States.
Article I of the Constitution of Puerto Rico defines the government and its political power and authority.
The powers of the government of Puerto Rico are all delegated by the United States Congress and lack full protection under the U.S.
Constitution.
Because of this, the head of state of Puerto Rico is the President of the United States.

The history of Puerto Rico began with the settlement of the Ortoiroid people between 430 BC and AD 1000.
At the time of Christopher Columbus's arrival in the New World in 1493, the dominant indigenous culture was that of the Taínos.
The Taíno people's numbers went dangerously low during the later half of the 16th century because of new infectious diseases carried by Europeans, exploitation by Spanish settlers, and warfare.

The political status of Puerto Rico has ramifications into many spheres of Puerto Rican life, and there are limits to the level of autonomy the Puerto Rican government has.
For example, the Island's government is not fully autonomous, and the level of federal presence in the Island is common place, including a branch of the United States Federal District Court.
There are also implications relative to the American citizenship carried by people born in Puerto Rico.
Specifically, although people born in the Commonwealth of Puerto Rico are natural born U.S. citizens, their citizenship is not protected by the Citizenship Clause of the 14th Amendment to the U.S.
Constitution.
As such, the American citizenship of Puerto Ricans can be taken away by the U.S.
Congress unilaterally.
Puerto Ricans are also covered by a group of fundamental civil rights but, since Puerto Rico is not a state, Puerto Ricans are not covered by the full American Bill of Rights.
As for taxation, Puerto Ricans pay U.S. federal taxes, but most residents of the island are not required to file federal income tax returns.
Representation-wise, Puerto Ricans have no voting representative in the U.S.
Congress, but do have a Resident Commissioner who has a voice in Congress.
Puerto Ricans must also serve in the United States military anytime conscription is ordered, with the same duties as a US citizen residing in the 50 states.

Throughout the history of Puerto Rico, its inhabitants have initiated several movements to obtain independence for the island, first from the Spanish Empire from 1493 to 1898 and since then from the United States.

The political status of Puerto Rico is that of an unincorporated territory of the United States officially known as the Commonwealth of Puerto Rico.
As such, the island of Puerto Rico is neither a sovereign nation nor a U.S. state.
It is because of that ambiguity, the territory, as a polity, lacks certain rights but enjoys certain benefits that other polities have or lack.
For instance, in contrast to U.S. states, Puerto Rico residents cannot vote in U.S. presidential elections nor can they elect their own senators and representatives to the U.S.
Congress.
On the other hand, in contrast to U.S. states, only some residents of Puerto Rico are subject to federal income taxes.
The political status of the island thus stems from how different Puerto Rico is politically from sovereign nations and from U.S. states.

There are differing points of view on whether Puerto Rico's current political status as a territory of the United States should change.
Four major viewpoints emerge in principle: that Puerto Rico maintains its current status, becomes a US state, becomes fully independent, or becomes a freely associated state.

The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico.
The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to junk status after the government was unable to demonstrate that it could pay its debt.
The downgrading, in turn, prevented the government from selling more bonds in the open market.
Unable to obtain the funding to cover its budget imbalance, the government began using its savings to pay its debt while warning that those savings would eventually be exhausted.
To prevent such a scenario, the United States Congress enacted a law known as PROMESA, which appointed an oversight board with ultimate control over the Commonwealth's budget.
As the PROMESA board began to exert that control, the Puerto Rican government sought to increase revenues and reduce its expenses by increasing taxes while curtailing public services and reducing government pensions.
These measures provoked social distrust and unrest, further compounding the crisis.
In August 2018, a debt investigation report of the Financial Oversight and management board for Puerto Rico reported the Commonwealth had $74 billion in bond debt and $49 billion in unfunded pension liabilities as of May 2017.
Puerto Rico officially exited bankruptcy on March 15, 2022.

The Puerto Rico Electric Power Authority was an electric power company owned by the Commonwealth of Puerto Rico responsible for electricity generation, power distribution, and power transmission on the island.
PREPA was the only entity authorized to conduct such business in Puerto Rico, making it a government monopoly, until on January 22, 2018, former governor of Puerto Rico, Ricardo Rossello, announced that all assets of the company will be sold in a general privatization of PREPA.

The Archdiocese of San Juan de Puerto Rico is a Latin Church ecclesiastical territory or diocese of the Catholic Church– comprising the northeast portion of the island of Puerto Rico.
Its jurisdiction includes the municipalities of Dorado, Toa Baja, Cataño, Toa Alta, Bayamón, Guaynabo, San Juan, Trujillo Alto, and Carolina.

The Catholic Church in Puerto Rico is part of the worldwide Catholic Church in communion with the pope in Rome.
The 78 municipalities in Puerto Rico have a Catholic church which is located in the downtown area, normally across from the central plaza.

The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum.
The main drivers of Puerto Rico's economy are manufacturing, primarily pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism.
The geography of Puerto Rico and its political status are both determining factors on its economic prosperity, primarily due to its relatively small size as an island; its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United States federal government, which controls its foreign policies while exerting trading restrictions, particularly in its shipping industry.

The government of the Commonwealth of Puerto Rico is a republican form of government with separation of powers, subject to the jurisdiction and sovereignty of the United States.
Article I of the Constitution of Puerto Rico defines the government and its political power and authority.
The powers of the government of Puerto Rico are all delegated by the United States Congress and lack full protection under the U.S.
Constitution.
Because of this, the head of state of Puerto Rico is the President of the United States.

The history of Puerto Rico began with the settlement of the Ortoiroid people between 430 BC and AD 1000.
At the time of Christopher Columbus's arrival in the New World in 1493, the dominant indigenous culture was that of the Taínos.
The Taíno people's numbers went dangerously low during the later half of the 16th century because of new infectious diseases carried by Europeans, exploitation by Spanish settlers, and warfare.

The political status of Puerto Rico has ramifications into many spheres of Puerto Rican life, and there are limits to the level of autonomy the Puerto Rican government has.
For example, the Island's government is not fully autonomous, and the level of federal presence in the Island is common place, including a branch of the United States Federal District Court.
There are also implications relative to the American citizenship carried by people born in Puerto Rico.
Specifically, although people born in the Commonwealth of Puerto Rico are natural born U.
S. citizens, their citizenship is not protected by the Citizenship Clause of the 14th Amendment to the U.
S.
Constitution.
As such, the American citizenship of Puerto Ricans can be taken away by the U.
S.
Congress unilaterally.
Puerto Ricans are also covered by a group of fundamental civil rights but, since Puerto Rico is not a state, Puerto Ricans are not covered by the full American Bill of Rights.
As for taxation, Puerto Ricans pay U.
S. federal taxes, but most residents of the island are not required to file federal income tax returns.
Representation-wise, Puerto Ricans have no voting representative in the U.
S.
Congress, but do have a Resident Commissioner who has a voice in Congress.
Puerto Ricans must also serve in the United States military anytime conscription is ordered, with the same duties as a US citizen residing in the 50 states.

Throughout the history of Puerto Rico, its inhabitants have initiated several movements to obtain independence for the island, first from the Spanish Empire from 1493 to 1898 and since then from the United States.

The political status of Puerto Rico is that of an unincorporated territory of the United States officially known as the Commonwealth of Puerto Rico.
As such, the island of Puerto Rico is neither a sovereign nation nor a U.
S. state.
It is because of that ambiguity, the territory, as a polity, lacks certain rights but enjoys certain benefits that other polities have or lack.
For instance, in contrast to U.
S. states, Puerto Rico residents cannot vote in U.
S. presidential elections nor can they elect their own senators and representatives to the U.
S.
Congress.
On the other hand, in contrast to U.
S. states, only some residents of Puerto Rico are subject to federal income taxes.
The political status of the island thus stems from how different Puerto Rico is politically from sovereign nations and from U.
S. states.

There are differing points of view on whether Puerto Rico's current political status as a territory of the United States should change.
Four major viewpoints emerge in principle: that Puerto Rico maintains its current status, becomes a US state, becomes fully independent, or becomes a freely associated state.

The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico.
The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to junk status after the government was unable to demonstrate that it could pay its debt.
The downgrading, in turn, prevented the government from selling more bonds in the open market.
Unable to obtain the funding to cover its budget imbalance, the government began using its savings to pay its debt while warning that those savings would eventually be exhausted.
To prevent such a scenario, the United States Congress enacted a law known as PROMESA, which appointed an oversight board with ultimate control over the Commonwealth's budget.
As the PROMESA board began to exert that control, the Puerto Rican government sought to increase revenues and reduce its expenses by increasing taxes while curtailing public services and reducing government pensions.
These measures provoked social distrust and unrest, further compounding the crisis.
In August 2018, a debt investigation report of the Financial Oversight and management board for Puerto Rico reported the Commonwealth had $74 billion in bond debt and $49 billion in unfunded pension liabilities as of May 2017.
Puerto Rico officially exited bankruptcy on March 15, 2022.

The Puerto Rico Electric Power Authority was an electric power company owned by the Commonwealth of Puerto Rico responsible for electricity generation, power distribution, and power transmission on the island.
PREPA was the only entity authorized to conduct such business in Puerto Rico, making it a government monopoly, until on January 22, 2018, former governor of Puerto Rico, Ricardo Rossello, announced that all assets of the company will be sold in a general privatization of PREPA.

The Archdiocese of San Juan de Puerto Rico is a Latin Church ecclesiastical territory or diocese of the Catholic Church– comprising the northeast portion of the island of Puerto Rico.
Its jurisdiction includes the municipalities of Dorado, Toa Baja, Cataño, Toa Alta, Bayamón, Guaynabo, San Juan, Trujillo Alto, and Carolina.