Investors in Puerto Rican bonds are pushing competing agendas in Washington, D.C., over whether the struggling U.S. territory should be allowed to force debt cuts on creditors, ahead of new draft legislation expected this week from House Republicans, Reuters reported yesterday.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico took steps yesterday toward a unilateral moratorium on all government debt payments, rejecting efforts in Washington to allow it to restructure only under close federal supervision, the New York Times reported today. The Puerto Rican Senate authorized a declaration of emergency and a debt moratorium at around 3 a.m., after hours of debate.
Hedge funds holding debt in Puerto Rico’s Government Development Bank sued to stop the island’s key fiscal entity from making payments to local government agencies as it faces a growing cash shortage and the prospect of insolvency, Bloomberg News reported yesterday.
ABI Resident Scholar Prof. Melissa Jacoby speaks with Prof.
Other Resources
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.