Puerto Rico Economic Situation

We are taking the Southern Caribbean cruise on the Liberty in October out of San Juan. Just wondering how the current economic situation in Puerto Rico will affect the up-coming cruises and especially any pre- and post-cruise stays in San Juan? Heard that numerous restaurants and other businesses have closed in Old San Juan and other parts of Puerto Rico.

Wee stayed two days precruise in early June with no problems. We stayed at the holiday inn express and it was fine. The people were so nice and food and city were great. Enjoyed the beach and touring the forts. Have fun

Old San Juan is full of restaurants and things to do.

I would think the immediate port areas would be okay because the businesses are tourist dependant vs local economy.

We also staying in old San Juan for 2 days before our cruise in April and had no issues. We were there a year prior and had the same great experience then as we did this time. I wouldn't worry about it to much.

Everyone that has responded so far, are you aware that Puerto Rico is bankrupt?

This is according to their own president.

It's pretty bad. I was born there and will be returning on december for 1st time since 1998. I'm afraid businesses will be closed or there will be mass protests. Hoping there is not. It's sad that Puerto Rico is a colony of USA and it seems the USA gov't won't assist in any way with sooooooooooooooooooooo many puertoricans in the USA. Heard they are $72 bil in debt.

Everyone that has responded so far, are you aware that Puerto Rico is bankrupt?

This is according to their own president.

Two things, President Obama is their Presideht. They have a governor like all states. They are not bankrupt because they can't declare that. They have a poorly managed government and are running out of money and want a government bailouts

It's pretty bad. I was born there and will be returning on december for 1st time since 1998. I'm afraid businesses will be closed or there will be mass protests. Hoping there is not. It's sad that Puerto Rico is a colony of USA and it seems the USA gov't won't assist in any way with sooooooooooooooooooooo many puertoricans in the USA. Heard they are $72 bil in debt.

Can't get blood from a turnip:

http://www.usdebtclock.org/

Everyone that has responded so far, are you aware that Puerto Rico is bankrupt?

This is according to their own president.

The resale value of my bonds has dropped by 50% so I knew they were having problems however they haven't declared bankruptcy yet and just this month paid out the interest on my bonds at the full expected rate so they are not defaulting on their obligations yet. At this point I'm just going to hang on and see what happens because I'm more willing to risk the possibility of default on the part of Puerto Rico than to definitely realize lost of 50% of my investment. Hopefully 31 years from now when my bond certificates come due to be repaid they will have found the money to do so. For the time being they are still paying the interest on their obligation.

Puerto Rico’s government is requesting that Congress allow it to seek Chapter 9 municipal bankruptcy, which is currently not permitted under the law for a commonwealth. This would allow Puerto Rico to protect itself from creditors while it develops a plan to restructure debts, but the U.S is not open to assist P.R. at this time.

Puerto Rico...is a United States territory with an estimated 5.0 million Hispanics of Puerto Rican origin residing in the 50 U.S. states and the District of Columbia. Presidential candidates campaign in Puerto Rico even though those on the island cannot vote.

The place will look like Detroit with tropical palm trees.

The place will look like Detroit with tropical palm trees.

Sad but true

How sad that their govt so mismanaged their finances.

They cant survive by closing their businesses

They also do not pay federal income tax

How sad that their govt so mismanaged their finances.

 

They cant survive by closing their businesses

Sad as it is, it's largely a giant welfare state. When I was there in March there was a huge protest against paying local taxes.

Is sad because it's such a beautiful island but few people bother to go see the real island beyond OSJ. You could spend a month there and barely scrape the surface.

But to answer you question you will not notice anything in OSJ.

Two things, President Obama is their Presideht. They have a governor like all states. They are not bankrupt because they can't declare that. They have a poorly managed government and are running out of money and want a government bailouts

I stand corrected, should have said governor instead of presideht, whatever that is.

Should have said insolvent instead of bankrupt.

Doesn't change my message that things are not well there.

I'm from Puerto Rico, and most of my family (parents, sister, aunts, uncles, cousins) and most of my childhood friends still live there. While the economy is the hot topic of the day and everybody is genuinely concerned about the island's future, every day life hasn't changed much. Everyone is going about their daily lives like they have before the current situation was announced. Most likely, you as a tourist will not notice any changes (yet) unless you read the newspaper.

Puerto Rico has been a US territory for 117 years, and a Commonwealth since 1952. The Commonwealth was supposed to be a temporary status which should've either led to statehood or independence a long time ago. However, I'm sad to say that defining the island's status has long been neglected, and in the U.S. Congress' back burner for way too long, which has contributed to the dire financial situation that we see today. I can write forever trying to explain this, but this is not the right forum to debate politics.

I'm very concerned to see the place where I was born and raised find itself in the financial situation it is today, but maybe this is what we needed for the U.S. Government to finally pay attention and do something to define the status of the 4 million U.S. Citizens who live in Puerto Rico, whether it is to grant statehood with all the rights, benefits AND obligations, or to pave the way for independence. 97% of the island's population supports remaining a part of the U.S (either as a Commonwealth or as a State), but the final word is ultimately the Congress'.

Come on people, giving in to mass hysteria will only exacerbate a difficult situation.

Puerto Rico is not sinking. There are no mass protests, bank runs or much that should be of concern to a visitor.

Yes, the GOVERNMENT of Puerto Rico is suffering from an immense cash crunch. Just like Chicago and so many other U.S. jurisdictions. The only thing is, we have acknowledge it and the government is now in the midst of painful transformations to reduce its size.

All this should be transparent to visitors and tourists. If anything, you should see many positive changes in that area. Tourism presently only accounts for 6% of our GDP and it is the government's intent to increase that to at least 10% in ten next few years. That should translate into better services and facilities.

For example, one of the first PR government agencies to go bust was the PR Ports Authority (PRPA). In order to start paying off its debt, the PRPA started shedding some of its facilities or going into Public-Private Alliances to improve others. The biggest example of this is the SJU airport, which has essentially been privatized and now a major rebuilding of the facility is underway.

Please keep things under perspective. Puerto Rico's public debt is about 74% of GDP. The United States federal government's debt is over 104% of GDP! The only difference is that we cannot print money on paper. But soon enough, the rest of the United States will have its own reckoning. And on that point we're now slightly ahead.

If you have any questions or any other concerns on this matter, I'll be happy to assist you.

Thanks for keeping it real.

Certainly Puerto Rico isn't in a good financial situation BUT it's really not going to be noticed by those with port stops there.

LuLu

Come on people, giving in to mass hysteria will only exacerbate a difficult situation.

 

Puerto Rico is not sinking. There are no mass protests, bank runs or much that should be of concern to a visitor.

 

Yes, the GOVERNMENT of Puerto Rico is suffering from an immense cash crunch. Just like Chicago and so many other U.S. jurisdictions. The only thing is, we have acknowledge it and the government is now in the midst of painful transformations to reduce its size.

 

All this should be transparent to visitors and tourists. If anything, you should see many positive changes in that area. Tourism presently only accounts for 6% of our GDP and it is the government's intent to increase that to at least 10% in ten next few years. That should translate into better services and facilities.

 

For example, one of the first PR government agencies to go bust was the PR Ports Authority (PRPA). In order to start paying off its debt, the PRPA started shedding some of its facilities or going into Public-Private Alliances to improve others. The biggest example of this is the SJU airport, which has essentially been privatized and now a major rebuilding of the facility is underway.

 

Please keep things under perspective. Puerto Rico's public debt is about 74% of GDP. The United States federal government's debt is over 104% of GDP! The only difference is that we cannot print money on paper. But soon enough, the rest of the United States will have its own reckoning. And on that point we're now slightly ahead.

 

If you have any questions or any other concerns on this matter, I'll be happy to assist you.

 

Thanks for keeping it real.

I'm certainly not concerned about Puerto Rico's ability to entertain visitors. I'm more concerned about rather large investments of my retirement money. When a governor nonchalantly says "Gee we may not be able to pay your money back that we borrowed from you", I have trouble feeling very understanding or calm. After all the reason for a person to invest in bonds as opposed to stocks and mutual funds is for the safety of their investment. It is upsetting to realize it's not safe at all!

You won't have any idea there are any financial problems unless you plan to apply for some sort of benefits while there.

Have fun. San Juan is a fabulous port, IMO. We have done a great many resort stays as well as cruise visits. Love it.

Don't think you will have any issues.

Keith