Puerto Rico said that it made all principal and interest payments due yesterday, averting a default on directly guaranteed bonds and allowing the commonwealth to continue talks with creditors to reduce its $70 billion debt burden, Bloomberg News reported yesterday.
Puerto Rico in Distress
Video Features
ABI Analysis
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.
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.
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.