Puerto Rico filing says government likely to cut services or default on debt before year’s end + MORE Nov 8th

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Newsweek'It sucks:' Hardisty, town at start of Keystone XL, takes stock of rejectionEdmonton JournalHARDISTY, Alta. — Lee Hayes and his coworker Dave Stuart have a blunt assessment of U.S. President Barack Obama's rejection of the Keystone XL pipeline: “It sucks.” The two 50-something men make their living maintaining equipment in the tiny, quiet …TransCanada still has options for Keystone XL, despite Obama's rejectionCBC.caWithout Keystone, industry must find new paths for oilMiami HeraldCanada was irrelevant in Obama's decision to reject Keystone XL pipelineThe Globe and MailWhitehouse.gov (press release)all 2,692 news articles »

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SAN JUAN, Puerto Rico – Puerto Rico’s government will likely have to cut back on public services or default on debts before the end of the year because it is running out of cash, the Government Development Bank said in a financial filing.
Putting numbers to a warning this summer from Gov. Alejandro Garcia Padilla, the filing late Friday said the U.S. territory had a $370 million overdraft as of Sept. 30 and burned through a $400 million emergency loan from a group of public corporations to keep government operating. It also cut revenue estimates for the current fiscal year by $355 million because of weaker than expected collections.
The development bank, which has been the lender of last resort for the island’s cash-strapped government, may be insolvent by year’s end, the report added.
To conserve cash, officials have been holding back payments to suppliers and tax rebates to taxpayers and they are now discussing cutting employee work schedules by two days a week…

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