Puerto Rico Defaults On Debt Payments
The US territory of Puerto Rico formally defaults on its debt repayments. We meet Polish fruit farmers fighting a ban on exporting to Russia, and is Brazil ready for the Olympics?
The US territory of Puerto Rico is formally in default. It managed to pay just a tiny fraction of the $58m it owed over the weekend - and it’s unlikely to pay the island's total public debt of $72bn. The Puerto Rican government insists that it has not defaulted under a technical definition of the term, but the Moody's rating agency disagrees. We speak to Dante Disparte, a Puerto Rican risk analyst now based in Washington, DC.
A little over a year ago, Russia imposed a ban on EU food products in response to Western sanctions over its involvement in Ukraine. For Poland's fruit farmers, this meant sour grapes and rotten apples - 55% of Polish apples were sold to Russia before the ban. The ÃÛÑ¿´«Ã½'s Adam Easton is in Poland to find out if there's any way around the embargo.
It's a year until the summer Olympics begin in Brazil - the first time the games have been held in South America. But the question asked before last year's World Cup echoes again - will Brazil be ready? The ÃÛÑ¿´«Ã½'s Wyre Davies is in Rio to check on progress so far.
We get a fly-on-the-wall account of the horse-trading that took place in Hawaii last week over the Trans-Pacific Partnership. And we ask, can going on holiday leave you more stressed than work?
Throughout the programme our guests are David Moser, Academic Director at the CET Chinese Studies programme at Capital Normal University in Beijing and Tracey Samuelson of Marketplace in New York.
(Photo: A Puerto Rican flag Credit: Getty)
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- Wed 5 Aug 2015 00:05GMTÃÛÑ¿´«Ã½ World Service Online
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Business Matters
Global business and finance news and discussion from the ÃÛÑ¿´«Ã½