The plan protects the island against litigation by its creditors, but will not do adequate to prevent default.

January 20, 2021 No comments yet

The plan protects the island against litigation by its creditors, but will not do adequate to prevent default.

A fiscal relief package built to rescue Puerto Rico from default does more for rich bondholders than it can for the island’s struggling residents. A recently enacted rescue package to handle the financial crisis in Puerto Rico goes on the name PROMESA, or promise, nevertheless the debt-relief plan is not a good deal for the Puerto Rican people.

President Barack Obama signed the Puerto that is bipartisan Rico into law only one day before a July 1 deadline when it comes to area to create a 2 billion financial obligation re payment. Puerto Rico’s government had stated it will be not able to make just one more re payment, simply the latest in a string of defaults in the area’s 70 billion in unpaid debts.

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