Excerpt from...
Puerto Rico Governor to Resign, Protesters Warn Successor: 'You're Next'
By Nick Brown
July 25, 2019
[caption id="attachment_40356" align="aligncenter" width="474"]
Shaun Burgess of Cumberland Advisors[/caption]
SAN JUAN (Reuters) - Puerto Ricans danced among the brightly colored houses of San Juan on Thursday after Governor Ricardo Rosselló capitulated to 12 days of protests and announced his resignation, but many in the crowd warned they would reject the person in line to succeed him.
In a sign investors saw Rosselló's departure as a positive, some of Puerto Rico's defaulted general obligation bonds traded at their highest prices in three months in the U.S. Municipal Market.
"This kind of helps to eliminate some of the rampant corruption that plagued the commonwealth for decades," said Shaun Burgess, a portfolio manager at Cumberland Advisors, which holds about $145 million of insured Puerto Rico bonds.
But not all Puerto Ricans were delighted at Rosselló's ouster.
"He's taking the fall for a bunch of past governors that put us in this position," said Ricky Shub, 33. While Shub agreed that it was time for Rosselló to go, he added, "everyone here is right to do what they're doing, but they should have done it 20 years ago."
(Reporting by Nick Brown in San Juan, additional reporting by Luis Valentin Ortiz and Marco Bello in San Juan and Karen Pierog in Chicago, writing by Scott Malone and Andrew Hay; editing by Jonathan Oatis, Bernadette Baum and G Crosse)
Read the full article here: www.usnews.com
Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.
Sign up for our FREE Cumberland Market Commentaries
Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.
