White House Budget Director Mick Mulvaney had some quick work to do to cover for Donald Trump's suggestion Tuesday that Puerto Rico's debt should be "wiped out." Bloomberg writes:
"I think what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mick Mulvaney, director of the White House budget office, said in an interview Wednesday.
That's not what he said and it's not what the markets heard him say.
That drop put Puerto Rico's bonds at a record low. Trump's comments also sent Puerto Rico's bonds due in 2035 tumbling.
… a benchmark general-obligation bond due in 2035 plunged 12 cents on the dollar Wednesday morning. The price later rebounded.
That's because what Trump said was actually quite clear.
from Daily Kos http://ift.tt/2hP5OPH
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