Hillary Clinton on Tuesday called on Congress
and the Obama administration to give Puerto Rico "a fair shot at
success" as it struggles with crushing debt.
In a statement, Clinton argued that Puerto Rico,
which faces $72 billion in public debt, should be given the option to
file for Chapter 9 bankruptcy, which - as a commonwealth - it's
currently barred from doing.
"The challenge is multi-faceted, and will
ultimately require Puerto Rico to find a way to pay back its debtors in
an orderly fashion," she said. "As a first step, Congress should provide
Puerto Rico the same authority that states already have to enable
severely distressed government entities, including municipalities and
public corporations, to restructure their debts under Chapter 9 of the
Bankruptcy Code."
Last month, Puerto Rico's governor said that the island's debt "is not payable."
"This is not politics, this is math," he told the New York Times.
Full article available here: Puerto Rico's Debt Crisis
Source: NBC News
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