The plan protects the island against litigation by its creditors, but will not do adequate to prevent default.
January 20, 2021 No comments yet
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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