After months of waiting for the U.S. Congress to act as Puerto Rico's economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington, D.C., aimed at helping it address a hobbling $70 billion debt, Reuters reported yesterday.
Puerto Rico in Distress
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U.S. Treasury Secretary Jack Lew today called on the Senate to take immediate action this week to address Puerto Rico's debt crisis before the critical July 1 deadline for the island territory's next debt payments, Reuters reported. "The Senate should take up the matter immediately," Lew said in a letter to Senate Majority Leader Mitch McConnell.
Top Treasury Department and Puerto Rican officials are begging the Senate to move quickly on a bill to help the commonwealth handle more than $70 billion in unpayable debt, The Hill reported today.
Puerto Rico’s government-owned electricity provider won approval to impose a new surcharge on customers to repay bonds, a key step in the utility’s plan to restructure its $9 billion of debt, Bloomberg News reported yesterday.
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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.