Saying no to a Puerto Rico bankruptcy will simply leave the territory with a zombie economy that cannot ever right itself, according to an opinion in yesterday’s The Wall Street Journal. Instead, consider the advantages of using the Puerto Rican bankruptcy as an opportunity to write the law that creates the model for the future state bankruptcies.
Puerto Rico in Distress
Video Features
ABI Analysis
Senate Finance Committee chair Orrin Hatch (R-Utah) on Thursday called for Democrats and the administration to be more transparent and realistic after proposing "unworkable" solutions to Puerto Rico's crisis, as Congress continues to work toward bipartisan legislation for the commonwealth, The Bond Buyer reported today.
Puerto Rico Gov. Alejandro García Padilla on Thursday said he wants to see Congress act on a debt restructuring bill that at the very least provides the island with a reprieve from debt litigation before a financial control board starts overseeing the commonwealth’s finances, the Morning Consult reported yesterday.
Senate Democrats have unveiled legislation to alleviate Puerto Rico’s debt woes, urging that the island be allowed to declare bankruptcy on all of its debt, The Hill reported today. The bill released yesterday would allow the U.S. territory to restructure its $72 billion in outstanding debt and create a fiscal oversight board for the island.
Other Resources
The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.