The battle over whether Puerto Rico should be granted bankruptcy protections centers on putting tens of billions of dollars at risk from investors around the country.
Puerto Rico in Distress
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U.S. Treasury Secretary Jack Lew said yesterday that it is "essential" that Puerto Rico be given access to a mechanism to restructure its debt, calling on Congress to "act quickly" to address the island's $70 billion debt crisis, Reuters reported.
Puerto Rico will default on debt payments in January or May, Governor Alejandro Garcia Padilla said, as Congress failed to provide the Caribbean island with the help it was seeking to cope with an escalating debt crisis, Bloomberg News reported yesterday. The lapse will probably come on Jan. 1, when its next bond payments are due, Garcia Padilla said yesterday.
A top U.S. Senate Republican said that he will push for including aid to Puerto Rico in the $1.1 trillion spending bill that lawmakers are racing to approve this week, which would mark the first step by Congress to help the Caribbean island deal with an escalating debt crisis, Bloomberg News reported yesterday. Sen.
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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.