The Obama administration has devised a plan to help rescue Puerto Rico from its insolvency and, according to a report in The Hill today, it's more sizzle than steak, with no chance of enactment.
Puerto Rico in Distress
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Republican presidential candidate Ben Carson endorsed statehood for Puerto Rico at a Sunday campaign event on the island, CNN reported yesterday. "In a Carson administration, I will leave no stone unturned in my efforts to secure this important step in Puerto Rico's history — establishing Estado 51," said the retired neurosurgeon.
The Puerto Rico Electric Power Authority, the island’s main electricity provider, has entered into a debt-exchange agreement with some of its bondholders and hedge funds that puts the utility a step closer to reducing its $8.3 billion debt load, Bloomberg News reported yesterday.
Hedge funds’ involvement in the Puerto Rico debt crisis is leading U.S. Representative Nydia Velazquez (D-N.Y.) to propose legislation that would force the firms to reveal more about their investments, 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.