Puerto Rico faces a moment of truth today, as the island owes a $355 million payment — a possible default which could trigger lawsuits, further spook investors and undermine the island's efforts to climb out of $72 billion in debt, Reuters reported today. The payment on bonds issued by the U.S.
Puerto Rico in Distress
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If anything stands as a symbol of how Puerto Rico ended up mired in billions of dollars of debt, it is an oceanside golf resort going to seed some 15 miles east of San Juan, the New York Times DealBook reported today.
Congress has scheduled yet another hearing on the debt crisis slowly destroying the lives of millions of American citizens living in Puerto Rico. If this results in prompt legislative action, we should applaud the exercise of strong, even if belated, leadership, according to a commentary by Prof. John Pottow in The Hill yesterday.
Prices of Puerto Rico bonds suggest that investors are circumspect when its comes to possible progress in a debt exchange of the island’s securities and focusing on whether the commonwealth makes good on $711 million of principal and interest payments coming due, 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.