{"id":12522,"date":"2016-01-06T16:37:01","date_gmt":"2016-01-06T06:37:01","guid":{"rendered":"http:\/\/tomgrimshaw.com\/tomsblog\/?p=12522"},"modified":"2016-01-06T16:37:01","modified_gmt":"2016-01-06T06:37:01","slug":"world-braces-for-puerto-rico-sovereign-debt-default","status":"publish","type":"post","link":"https:\/\/www.tomgrimshaw.com\/tomsblog\/?p=12522","title":{"rendered":"World braces for Puerto Rico sovereign debt default"},"content":{"rendered":"<p>Puerto Rico is scrambling to meet the deadline of midnight tonight\u20144 January\u2014to make a US$1 billion payment on its US$72 billion national debt. It is unlikely to be able to do so, setting the stage for a US$72 billion default. This is looming as the first financial shock of 2016, and coincides with the knock-on effect of December\u2019s US interest rate rise, the run of bank collapses in Italy, depositor \u201cbail-in\u201d officially coming into effect across the EU as of 1 January, and the expected defaults on potentially trillions of dollars\u2019 worth of junk bonds in the resources sector. All of this underscores the extreme urgency of a full Glass-Steagall separation of real banking from financial speculation, so that everyday citizens and daily economic functions can be protected from the fast-approaching global financial meltdown.<br \/>\n<a href=\"www.cecaust.com.au\" target=\"_blank\" rel=\"nofollow\">www.cecaust.com.au<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Puerto Rico is scrambling to meet the deadline of midnight tonight\u20144 January\u2014to make a US$1 billion payment on its US$72 billion national debt. It is unlikely to be able to do so, setting the stage for a US$72 billion default. This is looming as the first financial shock of 2016, and coincides with the knock-on &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.tomgrimshaw.com\/tomsblog\/?p=12522\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;World braces for Puerto Rico sovereign debt default&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,10],"tags":[],"class_list":["post-12522","post","type-post","status-publish","format-standard","hentry","category-general-interest","category-wealth-tips"],"_links":{"self":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/posts\/12522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12522"}],"version-history":[{"count":0,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=\/wp\/v2\/posts\/12522\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tomgrimshaw.com\/tomsblog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}