Puerto Rico has little to gain from reforms that increase economic growth if the extra resources will all go to its creditors, according to a commentary from Larry Summers, a former treasury secretary and director of the National Economic Council in the White House, in today’s Washington Post.
Puerto Rico in Distress
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Last week, the Obama administration doubled down on efforts to aid Puerto Rico by proposing to change American law to allow the territory and its municipalities to seek bankruptcy protection, according to a commentary in The City Journal.
Standard & Poor's on Friday maintained its “CC” rating on $47.5 billion of tax-backed Puerto Rican bonds, reflecting a negative outlook after the U.S. Treasury Department pushed Congress to pass laws to address the island's economic crisis, Reuters reported on Friday. The U.S.
An Obama administration proposal aimed at stemming Puerto Rico’s spiraling fiscal crisis received a lukewarm reception before a hearing of the Senate Energy and Natural Resources Committee yesterday, with some Republicans asking for better data on the problem and some Democrats calling on the administration to show more ingenuity and urgency to solve it, the Washington Post reported ye