President Donald Trump said yesterday that he is opposed to a push to help Puerto Rico resolve its $70 billion debt load as the U.S. territory faces looming austerity measures amid a deep economic crisis, the New York Times reported yesterday.
Puerto Rico in Distress
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An adviser to Puerto Rico Governor Ricardo Rossello said yesterday that the distressed U.S. territory would not necessarily file for bankruptcy if it failed to reach a debt-restructuring deal with creditors before Monday's negotiating deadline, Reuters reported yesterday.
Hedge funds first starting buying Puerto Rico debt in the summer of 2013 because they liked what they saw: A government that was paying high, tax-free yields that couldn’t go bankrupt.
Lawyers for Puerto Rico's government are drafting a forbearance agreement that could allow the U.S. territory to avoid invoking bankruptcy protections in the short-term, Reuters reported on Friday. Puerto Rico and its creditors wrapped up roughly a week's worth of mediated talks in New York, aimed at striking a deal to restructure much of the $70 billion in debt the island cannot pay.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.