Puerto Rico Governor to Resign, Protesters Warn Successor: ‘You’re Next’

Author: , Post Date: July 26, 2019

Excerpt from…

Puerto Rico Governor to Resign, Protesters Warn Successor: ‘You’re Next’

By Nick Brown
July 25, 2019

Shaun Burgess of Cumberland Advisors

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

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