Skimm for June 30th

Skimm'd after margaritas

QUOTE OF THE DAY

"My smartphone has been my longest relationship" – One man's explanation for why he married his phone in Las Vegas. That's all. 

PUERTO RIC-UH OH

THE STORY

Puerto Rico's in a bad way. Tomorrow it's supposed to pay back about $2 billion in debt payments to creditors.

WHAT'S THE ISSUE?

Puerto Rico has no money.

HOW'D THAT HAPPEN?

The US used to give big-time tax breaks to companies that did business on the island. About a decade ago, Congress let those tax breaks expire. Puerto Rico's economy went into a recession. Lots of residents started saying 'adios' to the island and leaving, meaning tax revenues shrunk by a lot. Fast forward to now, and Puerto Rico's got $70 billion in debts and no checks to give.

SO WHERE ARE WE NOW?

Since Puerto Rico is a commonwealth and not a state (here's your Skimm), it can't declare bankruptcy and needs Congress to step in. Which is great because Congress is usually so helpful and fast acting. In the meantime, Puerto Rico defaulted on some debts. Investors (think: US hedge funds) threatened to sue. And now – less than a day until the next big debt payment is due – Congress woke up from a nap and passed a bill to stop investors from demanding their money back and start dealing with all the bills.

theSKIMM

It's pretty much guaranteed that Puerto Rico will default on tomorrow's debt payments.  If the deal with Congress gets a presidential seal of approval, it could be the largest municipal debt restructuring in US history. But Congress is being very careful to not call it a bailout. And many worry that's exactly what Puerto Rico will need sooner or later.

REPEAT AFTER ME...

WHAT PEOPLE ARE TALKING ABOUT…

Istanbul. Earlier this week, three suicide bombers attacked a busy airport there. Today, officials detained about 13 people in connection with the attack that killed 41, and injured more than 230. Officials also revealed that at least 13 of the people killed were foreigners. No one has claimed responsibility, but all signs are pointing towards ISIS. Officials are still investigating the attack, but the airport where it happened was back to business as usual yesterday. That might be because it's one of the world's busiest travel hubs, and because Istanbul's been trying really hard to prove to the rest of the world that it's a calm city in an otherwise messy neighborhood (lookin' at you Syria), and can be taken seriously as a potential future member of the European Union.  Over the past year, that image has been shattered by a series of attacks by ISIS, on-again war with Kurdish militants (members of a semi-autonomous ethnic group), and then Tuesday's attack.

WHAT TO SAY TO YOUR FRIEND WHO FREAKS OUT WITH CHANGE...

Facebook may not be for you. The Book is making some big changes to what you see when you scroll through your news feed. Yesterday, the OG social media company did what publishers fear most-- changed its algorithm. The goal is for FB to show you more posts from your college roommate and your Great Aunt Margaret, and fewer from brands and news websites that you follow. This is bad news for a lot of companies that rely on Facebook as a way to promote their articles. But FB HQ thinks you'd rather stalk your friends than read an article, and their main priority is the 1.65 billion users that come to the site every month. And so the engagement shoot albums live to see another day.

WHAT TO SAY IF YOU ENJOY SOME RAW COOKIE DOUGH FROM TIME TO TIME...

F you FDA. And contaminated flour.

WHAT TO SAY TO YOUR FRIEND WHO MAJORED IN ENVIRONMENTAL SCIENCE...

How happy are you? Yesterday, San Francisco passed a ban on the sale of Styrofoam. Starting in 2017, Styrofoam cups, plates, coolers, and those little squishy popcorn pieces in packages will be no more. That's because Styrofoam is the stuff of environmental nightmares. Instead of decomposing, it breaks apart into tiny pieces that end up floating around with Nemo.  Yesterday's move is being called the biggest ban on the product in the US. And it could encourage a lot of other big cities to ditch the white cups as well

THING TO KNOW

Chanticleer: Not a fancy champagne. It's a type of rooster, and also Coastal Carolina's mascot. Use it in a sentence: "the Chanticleers are playing in the baseball College World Series."


SKIMM AHEAD

If Puerto Rico's debt woes caught you by surprise, download Skimm Ahead. It'll give you a heads up on everything from the "Scandal" premiere to major world events. Download it here.


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