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By Editorial Board The leaders of Puerto Rico could soon have to choose between cutting essential services like the police, hospitals and education, and paying bondholders. To avoid this catastrophe, Congress needs to help the island, which is home to 3.5 million American citizens, by giving it the ability to restructure its debts in an… read more

By Javier Ortiz Last week Puerto Rico Governor Alejandro Garcia Padilla painted a grim picture of the potential humanitarian crisis that could envelop the 3.5 American citizens on the island. Appearing before the U.S. Senate Judiciary Committee on Tuesday, Dec. 1to testify about the island’s dire debt crisis, he urged Congress to act. “Let us… read more

By Martin Z. Braun Ricard L. Carrion, the chairman and chief executive officer of Popular Inc., will testify at a U.S. Senate Judiciary Committee meeting on Dec. 1, concerning Puerto Rico’s fiscal crisis, bank spokeswoman Teruca Rullan said. Pedro Pierluisi, the commonwealth’s nonvoting member of Congress, said the hearing will examine Puerto Rico’s fiscal and… read more

By Jose Portela and Javier Ortiz Puerto Rico and its current fiscal situation were top of mind of the Obama Administration and Congress recently. On one hand, U.S. Treasury Secretary Jack Lew released a set of legislative proposals to address Puerto Rico’s debt crisis. The plan solidly lays out a very good way forward. While… read more

By Richard Carrion After a decade of economic contraction, lack of fiscal discipline and increasing public debt, Puerto Rico now stands at a critical junction. As a banker and a proud Puerto Rican, I am frustrated and ashamed that the situation has deteriorated to this point. Leaders from several administrations and political parties ignored structural… read more

There was long-overdue drama at a Capitol Hill hearing Thursday. We are referring, of course, to Treasury Department counselor Antonio Weiss’s testimony before the Senate Committee on Energy and Natural Resources, in which he warned of a looming “humanitarian crisis” in the financially distressed commonwealth of Puerto Rico. Mr. Weiss’s words marked a break with the… read more

Puerto Rico’s government is on the verge of running out of money. A messy default is in nobody’s interest, which is why Congress ought to move swiftly to provide the American territory with a way to restructure its huge debt and revive its economy. The Obama administration last week offered the outline of a rescue… read more

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