The Debate Over Puerto Rico’s Debt
Puerto Rico has been in a recession for more than a decade - and owes 70 billion to its creditors.
Treasury Secretary Jack Lew says that Puerto Rico is, "for all practical purposes" in default and needs a full restructuring of its debt. As a US territory, Puerto Rico is restricted in its ability to restructure its debt.
Earlier this month some Senate democrats introduced legislation that would allow Puerto Rico to declare bankruptcy in order to restructure its debt. It’s unclear whether the legislation would pass the Republican-controlled Congress.
Now the Supreme Court is involved. We’ll talk about the options on the table with Nelson Denis, author of War Against All Puerto Ricans Revolution and Terror in America’s Colony