Swiss Economicblogs.org
In the FT, Eric Platt offers an update on the debt situation in Puerto Rico: The U.S. territory carries a USD 70 billion debt burden. It has defaulted multiple times over the past year, “including on bonds backed with a constitutional guarantee.” It did not have access to a court-backed restructuring process until Congress recently passed and President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (Promesa). A seven-person control board controls the...
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