U.S. Treasury Secretary Jacob J. Lew said that a failure by Congress to help Puerto Rico resolve its debts may hit the retirement portfolios of average Americans, as he stepped up his call for lawmakers to help the island, Bloomberg News reported yesterday.
Puerto Rico in Distress
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Jeb Bush called for debt restructuring relief for Puerto Rico yesterday, including the possibility of bankruptcy for the struggling commonwealth government if needed, the Orlando Sentinel reported today.
Puerto Rico can crawl out of its $72 billion debt hole without defaulting on its government debt, says a report commissioned by holders of $5.2 billion of the U.S. commonwealth's government-backed bonds, Reuters reported yesterday.
Even as Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy — the famed San Juan Beach Hotel filed for bankruptcy in March — some Wall Street firms see an opportunity in the turmoil, reports the New York Times Deal Book Blog. One of Puerto Rico’s biggest cheerleaders, John A.