WSOMN:
MissKitty05: Bruce said that CIPS was supposed to be activated today and as a consequences all funds (Including what we're waiting for) on an administrative hold would have to be released for the conversion to the new system ... at least that's how I understoon what he said
TurtleIsland1: Global Dollar Reset is near as US Ports open across the nation
Lostnq8: turtle what do the open ports have to do with the reset - what is different today than any other day
TurtleIsland1: Lost... go see vid ,(posted below) please... money is moving... "they" were not taking the central bank/fed reserve/petrol dollar for payment as it HAD NO VALUE to other countries
....
MissKitty05: Bruce said that CIPS was supposed to be activated today and as a consequences all funds (Including what we're waiting for) on an administrative hold would have to be released for the conversion to the new system ... at least that's how I understoon what he said
TurtleIsland1: Global Dollar Reset is near as US Ports open across the nation
Lostnq8: turtle what do the open ports have to do with the reset - what is different today than any other day
TurtleIsland1: Lost... go see vid ,(posted below) please... money is moving... "they" were not taking the central bank/fed reserve/petrol dollar for payment as it HAD NO VALUE to other countries
....
WSOMN cont……….
Global Reset Nears, US Ports Re-Open
The Global Dollar Reset is near as US Ports open across the nation
Video: Global Reset Near, US Ports Re-Open - YouTube
https://youtu.be/zz32M0SMQdQ?t=1
Global Reset Nears, US Ports Re-Open
The Global Dollar Reset is near as US Ports open across the nation
Video: Global Reset Near, US Ports Re-Open - YouTube
https://youtu.be/zz32M0SMQdQ?t=1
**
The negotiations between the East and the West are moving ahead very quickly
So as you can see - the Tacoma Port is now open and has been for about 10 days.
The 2 month "Silent Embargo" has reopened a bit for the importation of critical parts - like Car Parts.
That is Great News!!!!
Some other great news is that: It was reported that Deutch Bank had filed bankruptcy papers six months ago and this would destroy the Euro. What we did not know is that quietly the Chinese Bankers (Red Dragons) got ahold of these bankers and are dealing with their $75 Trillion in Worthless Hedge Funds and Derivatives.
In addition - the BREXIT Vote (Real Vote Was 67 to 33) is designed to have England pull out of the Euro Zone and draw close to the Untied States Corporation and away from the European Union Corporation.
This is why all those who spoke to the Public in English at the latest meeting of the European Union are in favor a a quick exit of Britain form the EU. They wish this whole economic mess to be fixed as soon as possible.
One other thing that slipped from the mouths of these Euro Nation folks at the Conference Yesterday (Merle's Assistant) is that the Euro Nations are run out of Washington DC.
Thus both NATO and the Euro Nation Corporation are controlled out of the White House - or more correct - CIA Head Quarters at Langley
One last thing that the Langley Fudge Boys must realize - if it is not done GOD's way it will fail and they will be the ones GOD is going to go after.
Just be ready for two things:
1) Huge Inflation - food prices double within 1 year - perhaps go up by as much as 4 times.
2) Food Shortages - Empty Shelves. This is why the US army is training to restock food shelves and round up looters during Jade Helm 16
Be ready folks -We will win - I read the last chapter.
Dr William B. Mount http://ift.tt/29e3DhZ
*************
The EU is bankrupt and that is why its governing structure will fundamentally change
Posted by Benjamin June 27, 2016
The real reason for the ongoing trouble in the European Union, including the recent vote by the British people to leave the bloc, is that the EU is bankrupt. We know in retrospect that the bankruptcy of the Soviet Union was the real reason the Warsaw pact fell apart, with Poland acting as the first domino. For the same reason, we can predict England was the first domino in the collapse of the European Union.
The emerging consensus view is, as Pentagon analysts put it, “Brexit may lead to Frexit (French exit), the collapse of banks, populism, nationalism and anti-globalism.” This is also likely lead to an end to Khazarian mafia sponsored Mulsim immigration.
The situation in France has already become so chaotic that French police say they are becoming too exhausted to deal with the daily, violent demonstrations taking place throughout the country. French President Francois Hollande, who has only 11% public support, is trying to ban demonstrations but it is hard to see who will enforce his “ban.” In other words, France is headed for revolution.
“This is the worst period I recall, there is nothing like it,” is how former Federal Reserve Board Chairman Alan Greenspan described the general situation and the market chaos that followed the Brexit vote.
http://ift.tt/28Te1u8
This may be the worst period Greenspan and his Rockefeller, Bush sponsors can recall but the Rothschilds are saying they made $2.5 trillion in one day on Friday by shorting all the stock markets and going long gold. This is their biggest bonanza since their insider trading on Waterloo. As the Rothschilds say, “the best time to make money is when blood is running on the streets.”
Indeed blood may well start running. Even top CIA experts are publicly saying a revolution is imminent in Europe and the United States.
http://ift.tt/28Ul2bT
However, if properly handled, this situation will be a good thing for the US,
Europe and the rest of the world. If improperly handled, it will lead to chaos,warfare and hardship within Europe, the US and Japan and thus, to a lesser extent, in the rest of the world.
The EU that has gone bankrupt had become even more dictatorial than the Soviet Union ever was, according to Russian President Vladimir Putin. In Putin’s own words: “The percentage of mandatory decisions made by the European Parliament is larger than that of mandatory decisions made by the High Council of the USSR concerning its member-republics.”
http://ift.tt/296qz0u
Sources in the gnostic illuminati and the White Dragon Society say that if things are properly handled what is eventually going to happen is the European nations will form a larger, looser, freer union that will include Russia. In this scenario Britain will be a neutral country linked to Europe by free trade, somewhat like Switzerland, they say.
The bankruptcy of the EU was triggered by the bankruptcy of Deutschebank, the largest bank in Europe, according to members of the Rothschild banking dynasty. Deutschebank is now under Chinese control, they say. If the Chinese had not stepped in to save Deutschebank, its collapse would have triggered a domino effect that would have taken down the entire European and then Western banking systems, multiple sources agree.
There was also a secret dimension to this bankruptcy that can be traced to military activity in the Pacific Ocean. A massive joint Chinese and American fleet was engaged in “maneuvers” last week off the shores of the Philippines.
http://ift.tt/28OWS88
You can also confirm on the Pentagon official homepage that massive joint exercises involving naval forces from 27 nations, including China and the US, start near Hawaii on June 30th.
http://ift.tt/28Cr6QY
http://ift.tt/295z62j
***********************************
WingIt:
THE WINGITCALL FOR JULY 1st, 2016 ~ 3:30pm EST ~
Guest pin code: 623546# ~
Primary Call in Line: 425-440-5100 ~
Secondary Call in Line: 682-233-7292 ~
COMPUTER LINK: http://ift.tt/29e3rPU
*****************************
KTFA:
Purifiers: What???!!! Do ya think!!!??
" the new investment law ,which was voted on earlier gives freedom to open itself to all foreign companies ,but this openness is linked to the security situation."
IMO, all THE RICHLY BACKED foreign companies are already stationed... because they are KEEN to the FRAMED... security situation... gleaned from F26...
"Today We are under the security situation does not allow for the entry of foreign companies to Iraq. "
IMO, Foreign... meaning, any company that has no DEEP POCKETS!!!
This is a article... pointing to the statement that H made WAY BACK WHEN... "if you are not already invested in Iraq... you may be too late"... IMO
Don961: Parliamentary Economy: edit Mosul will stimulate investment and the private sector in the country
History of edits:: 1/7/2016 7:54
Parliamentary Economy: edit Mosul will stimulate investment and the private sector in the country
{Baghdad: Euphrates News} According to a member of the Committee on the economy and investment representative, full Ghurairy liberating Mosul from terrorists Conception will be a prelude to stimulate investment and the private sector in the country.
He Ghurairy told {Euphrates News} said Friday that " the new investment law ,which was voted on earlier gives freedom to open itself to all foreign companies ,but this openness is linked to the security situation."
He added that "there are some companies had agreed with the board of investment to open factories idle Today We are under the security situation does not allow for the entry of foreign companies to Iraq. "
He said the " foreign companies have a state of fear of the security situation in the country and when it settles will open the doors for the entry of these companies to serve Iraq , ".anth
http://ift.tt/295z6zn
************
Don961: Thursday, June 30, 2016 - 02:00
EU Leaders Meet for Crisis Talks
European Union leaders are meeting on day two of what has become a crisis summit in Brussels, but without the UK after its vote to leave the bloc.
As things stand, the EU and UK are in deadlock. EU leaders insist there can be no negotiation before the UK has formally invoked Article 50 of the Lisbon Treaty, which will trigger the withdrawal talks, news outlets reported.
The 27 other member states will discuss plans for the UK’s exit, with the UK absent from negotiations for the first time in 40 years.
On Tuesday, UK Prime Minister David Cameron said continued trade and security cooperation with the EU would be vital.
Cameron said his successor could begin negotiations with the European Union about the country’s exit from the bloc before the formal Article 50 legal process is triggered, despite comments from the EU to the contrary.
“They have said ‘no negotiation, without notification’ but I don’t think that excludes discussion that a new prime minister can have with partners or indeed with the institutions so that we continue to get off on the right foot,” he said.
Germany’s Angela Merkel urged the bloc to “respect the result” of the UK vote.
She and other leaders also renewed calls for Britain to set out plans for leaving as soon as possible.
French President Francois Hollande has stressed that Britain would have to abide by European Union rules once it divorced from the bloc if it wanted to maintain access to the single market.
Hollande also said that defense and energy agreements with Britain would remain in place after it terminated its membership of the EU.
Four Basic Freedoms
Hungarian Prime Minister Victor Orban said: The UK’s access to European markets after it exits the bloc will be conditional on honoring all four basic EU freedoms. The four freedoms are the free movement of goods, people, capital and services.
EU President Donald Tusk said: EU leaders will hold a summit—without Britain—in Bratislava on September 16 to discuss further the fallout from Britain’s decision to leave the EU. He also said that leaders made it “crystal clear” that access to the single market requires acceptance of all four freedoms, “including freedom of movement”.
Belgium Prime Minister Charles Michel said: The UK “cannot afford the luxury of having a long-drawn-out political crisis”, adding the EU was facing a “wake-up call” and needed to make “a bigger effort, in a concrete way, to promote the European project”.
Luxembourg Prime Minister Xavier Bettel said: “With a disunited United Kingdom, we need a united Europe more than ever.”
Lithuania’s President Dalia Grybauskaite said: The remaining leaders “need to wake up and smell the coffee.”
European Commission President Jean-Claude Juncker said the UK did not have “months to meditate” on activating Article 50.
http://ift.tt/29e3P0U
The negotiations between the East and the West are moving ahead very quickly
So as you can see - the Tacoma Port is now open and has been for about 10 days.
The 2 month "Silent Embargo" has reopened a bit for the importation of critical parts - like Car Parts.
That is Great News!!!!
Some other great news is that: It was reported that Deutch Bank had filed bankruptcy papers six months ago and this would destroy the Euro. What we did not know is that quietly the Chinese Bankers (Red Dragons) got ahold of these bankers and are dealing with their $75 Trillion in Worthless Hedge Funds and Derivatives.
In addition - the BREXIT Vote (Real Vote Was 67 to 33) is designed to have England pull out of the Euro Zone and draw close to the Untied States Corporation and away from the European Union Corporation.
This is why all those who spoke to the Public in English at the latest meeting of the European Union are in favor a a quick exit of Britain form the EU. They wish this whole economic mess to be fixed as soon as possible.
One other thing that slipped from the mouths of these Euro Nation folks at the Conference Yesterday (Merle's Assistant) is that the Euro Nations are run out of Washington DC.
Thus both NATO and the Euro Nation Corporation are controlled out of the White House - or more correct - CIA Head Quarters at Langley
One last thing that the Langley Fudge Boys must realize - if it is not done GOD's way it will fail and they will be the ones GOD is going to go after.
Just be ready for two things:
1) Huge Inflation - food prices double within 1 year - perhaps go up by as much as 4 times.
2) Food Shortages - Empty Shelves. This is why the US army is training to restock food shelves and round up looters during Jade Helm 16
Be ready folks -We will win - I read the last chapter.
Dr William B. Mount http://ift.tt/29e3DhZ
*************
The EU is bankrupt and that is why its governing structure will fundamentally change
Posted by Benjamin June 27, 2016
The real reason for the ongoing trouble in the European Union, including the recent vote by the British people to leave the bloc, is that the EU is bankrupt. We know in retrospect that the bankruptcy of the Soviet Union was the real reason the Warsaw pact fell apart, with Poland acting as the first domino. For the same reason, we can predict England was the first domino in the collapse of the European Union.
The emerging consensus view is, as Pentagon analysts put it, “Brexit may lead to Frexit (French exit), the collapse of banks, populism, nationalism and anti-globalism.” This is also likely lead to an end to Khazarian mafia sponsored Mulsim immigration.
The situation in France has already become so chaotic that French police say they are becoming too exhausted to deal with the daily, violent demonstrations taking place throughout the country. French President Francois Hollande, who has only 11% public support, is trying to ban demonstrations but it is hard to see who will enforce his “ban.” In other words, France is headed for revolution.
“This is the worst period I recall, there is nothing like it,” is how former Federal Reserve Board Chairman Alan Greenspan described the general situation and the market chaos that followed the Brexit vote.
http://ift.tt/28Te1u8
This may be the worst period Greenspan and his Rockefeller, Bush sponsors can recall but the Rothschilds are saying they made $2.5 trillion in one day on Friday by shorting all the stock markets and going long gold. This is their biggest bonanza since their insider trading on Waterloo. As the Rothschilds say, “the best time to make money is when blood is running on the streets.”
Indeed blood may well start running. Even top CIA experts are publicly saying a revolution is imminent in Europe and the United States.
http://ift.tt/28Ul2bT
However, if properly handled, this situation will be a good thing for the US,
Europe and the rest of the world. If improperly handled, it will lead to chaos,warfare and hardship within Europe, the US and Japan and thus, to a lesser extent, in the rest of the world.
The EU that has gone bankrupt had become even more dictatorial than the Soviet Union ever was, according to Russian President Vladimir Putin. In Putin’s own words: “The percentage of mandatory decisions made by the European Parliament is larger than that of mandatory decisions made by the High Council of the USSR concerning its member-republics.”
http://ift.tt/296qz0u
Sources in the gnostic illuminati and the White Dragon Society say that if things are properly handled what is eventually going to happen is the European nations will form a larger, looser, freer union that will include Russia. In this scenario Britain will be a neutral country linked to Europe by free trade, somewhat like Switzerland, they say.
The bankruptcy of the EU was triggered by the bankruptcy of Deutschebank, the largest bank in Europe, according to members of the Rothschild banking dynasty. Deutschebank is now under Chinese control, they say. If the Chinese had not stepped in to save Deutschebank, its collapse would have triggered a domino effect that would have taken down the entire European and then Western banking systems, multiple sources agree.
There was also a secret dimension to this bankruptcy that can be traced to military activity in the Pacific Ocean. A massive joint Chinese and American fleet was engaged in “maneuvers” last week off the shores of the Philippines.
http://ift.tt/28OWS88
You can also confirm on the Pentagon official homepage that massive joint exercises involving naval forces from 27 nations, including China and the US, start near Hawaii on June 30th.
http://ift.tt/28Cr6QY
http://ift.tt/295z62j
***********************************
WingIt:
THE WINGITCALL FOR JULY 1st, 2016 ~ 3:30pm EST ~
Guest pin code: 623546# ~
Primary Call in Line: 425-440-5100 ~
Secondary Call in Line: 682-233-7292 ~
COMPUTER LINK: http://ift.tt/29e3rPU
*****************************
KTFA:
Purifiers: What???!!! Do ya think!!!??
" the new investment law ,which was voted on earlier gives freedom to open itself to all foreign companies ,but this openness is linked to the security situation."
IMO, all THE RICHLY BACKED foreign companies are already stationed... because they are KEEN to the FRAMED... security situation... gleaned from F26...
"Today We are under the security situation does not allow for the entry of foreign companies to Iraq. "
IMO, Foreign... meaning, any company that has no DEEP POCKETS!!!
This is a article... pointing to the statement that H made WAY BACK WHEN... "if you are not already invested in Iraq... you may be too late"... IMO
Don961: Parliamentary Economy: edit Mosul will stimulate investment and the private sector in the country
History of edits:: 1/7/2016 7:54
Parliamentary Economy: edit Mosul will stimulate investment and the private sector in the country
{Baghdad: Euphrates News} According to a member of the Committee on the economy and investment representative, full Ghurairy liberating Mosul from terrorists Conception will be a prelude to stimulate investment and the private sector in the country.
He Ghurairy told {Euphrates News} said Friday that " the new investment law ,which was voted on earlier gives freedom to open itself to all foreign companies ,but this openness is linked to the security situation."
He added that "there are some companies had agreed with the board of investment to open factories idle Today We are under the security situation does not allow for the entry of foreign companies to Iraq. "
He said the " foreign companies have a state of fear of the security situation in the country and when it settles will open the doors for the entry of these companies to serve Iraq , ".anth
http://ift.tt/295z6zn
************
Don961: Thursday, June 30, 2016 - 02:00
EU Leaders Meet for Crisis Talks
European Union leaders are meeting on day two of what has become a crisis summit in Brussels, but without the UK after its vote to leave the bloc.
As things stand, the EU and UK are in deadlock. EU leaders insist there can be no negotiation before the UK has formally invoked Article 50 of the Lisbon Treaty, which will trigger the withdrawal talks, news outlets reported.
The 27 other member states will discuss plans for the UK’s exit, with the UK absent from negotiations for the first time in 40 years.
On Tuesday, UK Prime Minister David Cameron said continued trade and security cooperation with the EU would be vital.
Cameron said his successor could begin negotiations with the European Union about the country’s exit from the bloc before the formal Article 50 legal process is triggered, despite comments from the EU to the contrary.
“They have said ‘no negotiation, without notification’ but I don’t think that excludes discussion that a new prime minister can have with partners or indeed with the institutions so that we continue to get off on the right foot,” he said.
Germany’s Angela Merkel urged the bloc to “respect the result” of the UK vote.
She and other leaders also renewed calls for Britain to set out plans for leaving as soon as possible.
French President Francois Hollande has stressed that Britain would have to abide by European Union rules once it divorced from the bloc if it wanted to maintain access to the single market.
Hollande also said that defense and energy agreements with Britain would remain in place after it terminated its membership of the EU.
Four Basic Freedoms
Hungarian Prime Minister Victor Orban said: The UK’s access to European markets after it exits the bloc will be conditional on honoring all four basic EU freedoms. The four freedoms are the free movement of goods, people, capital and services.
EU President Donald Tusk said: EU leaders will hold a summit—without Britain—in Bratislava on September 16 to discuss further the fallout from Britain’s decision to leave the EU. He also said that leaders made it “crystal clear” that access to the single market requires acceptance of all four freedoms, “including freedom of movement”.
Belgium Prime Minister Charles Michel said: The UK “cannot afford the luxury of having a long-drawn-out political crisis”, adding the EU was facing a “wake-up call” and needed to make “a bigger effort, in a concrete way, to promote the European project”.
Luxembourg Prime Minister Xavier Bettel said: “With a disunited United Kingdom, we need a united Europe more than ever.”
Lithuania’s President Dalia Grybauskaite said: The remaining leaders “need to wake up and smell the coffee.”
European Commission President Jean-Claude Juncker said the UK did not have “months to meditate” on activating Article 50.
http://ift.tt/29e3P0U
Puerto Rico set to register largest default to date
Puerto Rico is set to register its largest default to date on Friday as $2 billion in debt payments are due to the financially strapped island's creditors.
The payments include more than $1 billion in general obligation bonds, the island's highest tiered credit that carries a constitutional lien on revenues.
The largest default prior to this was on May 2 when the Government Development Bank, which formerly acted as the island's primary fiscal agent and lender of last resort, defaulted on $367 million due to its bondholders.
Governor Alejandro Garcia Padilla issued two executive orders Thursday suspending payments on the general obligation bonds and declaring a state of emergency at several of the island's agencies in order "to ensure the residents of Puerto Rico continue to receive essential services while the Commonwealth continues to face a delicate financial situation," according to a statement issued by the Governor's office.
The executive orders were issued around the same time President Obama was signing a bipartisan bill—The Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA—into law that the U.S. Senate had scrambled to pass ahead of the looming July 1 debt deadline.
PROMESA is designed to help create a path for the commonwealth and its creditors to achieve an orderly restructuring of the island's massive $70 billion debt burden—the bill also creates an immediate stay on litigation, providing the government protection from bondholder lawsuits.
The defaults that are set to occur on Friday will not be the first for the beleaguered U.S. Territory—Moody's estimates that the island has defaulted on $562 million of debt service payments since August—however, a missed or partial payment on the GO bonds will be the first default on a security that carries the highest priority of repayment under Puerto Rico's constitution.
Which is why bondholders, analysts, investors and insurers of Puerto Rico's paper had all been closely watching and speculating how the government would handle the July GO payment—with many believing that at the very least the interest would be paid.
This, despite Gov. Garcia Padilla publicly stating multiple times in the past month that the government simply did not have the money to make the payments coming due, and disclosed this week in an op-ed penned for CNBC that "Puerto Rico will default on more than $1 billion in general obligation bonds".
The defaults will leave the three largest insurers of Puerto Rico 's bonds on the hook for payments on the various securities they back. Assured Guaranty, Ambac and National, a wholly owned subsidiary of MBIA, collectively have more than $800 million in exposure to the total payments due Friday. The predominant exposure for two of the insurers is to the GO bonds—with Assured Guaranty and MBIA backing $196.5 million and $173 million, respectively.
Ambac (NASDAQ: AMBC)'s largest exposures are $41.7 million to PR's rum tax bonds and $38.6 million on the Public Building Authority GO-guaranteed securities.
Of the thirteen agencies that have payments scheduled for tomorrow, at least one, Puerto Rico Electric Power Authority, or PREPA, will make its full principal and interest payment of $417.5 million from available funds due Friday, according to S&P Global Ratings. However, this payment came with a caveat that caused the ratings agency to downgrade PREPA to 'D' from 'CC' on Thursday.
"We further understand that on June 30, 2016, certain of PREPA's forbearing creditors and monoline insurers loaned PREPA approximately $263.8 million at 8.46% interest, with repayment due in three tranches at an average maturity of 3.5 years. In our opinion, were it not for the loan, PREPA would not have made the payment, and that the creditor loans were a necessary condition for PREPA to make the debt service payment."
S&P believes that the "payment/re-lending" constitutes a distressed exchange restructuring, which is "tantamount to default" under their criteria.
http://ift.tt/295yNVl
Puerto Rico is set to register its largest default to date on Friday as $2 billion in debt payments are due to the financially strapped island's creditors.
The payments include more than $1 billion in general obligation bonds, the island's highest tiered credit that carries a constitutional lien on revenues.
The largest default prior to this was on May 2 when the Government Development Bank, which formerly acted as the island's primary fiscal agent and lender of last resort, defaulted on $367 million due to its bondholders.
Governor Alejandro Garcia Padilla issued two executive orders Thursday suspending payments on the general obligation bonds and declaring a state of emergency at several of the island's agencies in order "to ensure the residents of Puerto Rico continue to receive essential services while the Commonwealth continues to face a delicate financial situation," according to a statement issued by the Governor's office.
The executive orders were issued around the same time President Obama was signing a bipartisan bill—The Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA—into law that the U.S. Senate had scrambled to pass ahead of the looming July 1 debt deadline.
PROMESA is designed to help create a path for the commonwealth and its creditors to achieve an orderly restructuring of the island's massive $70 billion debt burden—the bill also creates an immediate stay on litigation, providing the government protection from bondholder lawsuits.
The defaults that are set to occur on Friday will not be the first for the beleaguered U.S. Territory—Moody's estimates that the island has defaulted on $562 million of debt service payments since August—however, a missed or partial payment on the GO bonds will be the first default on a security that carries the highest priority of repayment under Puerto Rico's constitution.
Which is why bondholders, analysts, investors and insurers of Puerto Rico's paper had all been closely watching and speculating how the government would handle the July GO payment—with many believing that at the very least the interest would be paid.
This, despite Gov. Garcia Padilla publicly stating multiple times in the past month that the government simply did not have the money to make the payments coming due, and disclosed this week in an op-ed penned for CNBC that "Puerto Rico will default on more than $1 billion in general obligation bonds".
The defaults will leave the three largest insurers of Puerto Rico 's bonds on the hook for payments on the various securities they back. Assured Guaranty, Ambac and National, a wholly owned subsidiary of MBIA, collectively have more than $800 million in exposure to the total payments due Friday. The predominant exposure for two of the insurers is to the GO bonds—with Assured Guaranty and MBIA backing $196.5 million and $173 million, respectively.
Ambac (NASDAQ: AMBC)'s largest exposures are $41.7 million to PR's rum tax bonds and $38.6 million on the Public Building Authority GO-guaranteed securities.
Of the thirteen agencies that have payments scheduled for tomorrow, at least one, Puerto Rico Electric Power Authority, or PREPA, will make its full principal and interest payment of $417.5 million from available funds due Friday, according to S&P Global Ratings. However, this payment came with a caveat that caused the ratings agency to downgrade PREPA to 'D' from 'CC' on Thursday.
"We further understand that on June 30, 2016, certain of PREPA's forbearing creditors and monoline insurers loaned PREPA approximately $263.8 million at 8.46% interest, with repayment due in three tranches at an average maturity of 3.5 years. In our opinion, were it not for the loan, PREPA would not have made the payment, and that the creditor loans were a necessary condition for PREPA to make the debt service payment."
S&P believes that the "payment/re-lending" constitutes a distressed exchange restructuring, which is "tantamount to default" under their criteria.
http://ift.tt/295yNVl
via Dinar Recaps - Our Blog http://ift.tt/29e3sn0
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