http://thehill.com/policy/finance/285952-senate-clears-puerto-rico-debt-bill-for-final-passage
With the bill apparently set to become law, Congress will have taken
steps to address a deepening economic, fiscal, and humanitarian crisis
on the island. Years of economic decline had led to a mass exodus of
Puerto Ricans to the American mainland, driving down its revenues and
eventually leaving it without enough government funds to pay off its
debt.
The island’s status as a U.S. territory left officials there with no
recourse, since a quirk in the bankruptcy code leaves territories
without access to the same bankruptcy protections afforded to states and
municipalities. In effect, the island needed Congress to pass a law, in
an election year, to get out from under its crushing debt load.
The island has had to slash public services in an effort to
stay afloat, and the White House warned that even more severe steps,
like the shuttering of hospitals, could come without congressional
action.
But now, the bill freezes any legislation from creditors, and allows
the oversight board to step in and work towards an affordable debt
restructuring package for the island.
Liberal lawmakers griped about side provisions that relax labor
regulations on the island. Democrats also were peeved that Republicans
brought the bill straight to the floor without the opportunity to try
and amend it.
- PUERTO RICO GOVERNOR SAYS COMMONWEALTH WILL DEFAULT ON JULY 1
Might as well just drive around in a van full of cash and toss it out a window same thing...
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