Argentina settled with disgruntled creditors led by billionaire Paul Singer’s Elliott Management, who had sued the country over its $95 billion default in 2001, putting an end to an epic legal battle that had dragged down South America’s second-largest economy. Talks between government officials and the investors, including hedge funds Aurelius Capital Management, Davidson Kempner,… read more
Washington – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today applauded the House Committee on Natural Resources and the House Financial Services Committee for holding hearings on Puerto Rico’s debt crisis: “We are grateful to Chairman Rob Bishop and Chairman Sean Duffy for their unwavering support to the Americans living in Puerto… read more
Washington – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today applauded the House Committee on Natural Resources for scheduling a hearing to discuss Puerto Rico’s debt crisis: “We have heard from business owners, local officials and concerned citizens from across Puerto Rico who are excited about the thoughtful process that has begun… read more
By Tom Howell Jr. House members and financial experts said Tuesday a “team of neutrals” is needed to oversee Puerto Rico’s budget and get its fiscal house in order, as the island scrambles to pay its debts and stave off drastic service cuts to its 3.5 million residents. The U.S. territory’s debt is slated to… read more
Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today applauded the House Indian, Insular and Alaska Native Affairs Subcommittee hearing on to learn how establishing Financial Stability and Economic Growth Authority for Puerto Rico: “We applaud Chairman Don Young (R-AK) for his unwavering commitment to Puerto Rico and for Chairman… read more
By: Susan Jones Puerto Rico’s long-running and worsening debt crisis now appears at the top of Washington’s “to-do” list. Senate Majority Leader Mitch McConnell (R-Ky.), Senate Minority Leader Harry Reid (D-Nev.), and White House spokesman Josh Earnest all mentioned it on Wednesday. “You know, I think the Puerto Rico issue is something a lot of… read more
By Nick Brown U.S. Senate Democrats, in a letter to Majority Leader Mitch McConnell, on Wednesday called for congressional action on Puerto Rico, demanding that legislation to resolve the island’s financial crisis include tools to restructure debt. “Restructuring legislation would not cost the federal government a single penny and would instead save U.S. taxpayers from… read more
By: Vicente Feliciano There is emerging consensus on Puerto Rico’s debt. It involves some form of a federal financial-control board, a legal structure for debt restructuring and somewhat better treatment of Puerto Rico on some federal programs. The concept that providing a mechanism for debt restructuring is a bailout is becoming discredited. Initially, Anne Krueger,… read more
The U.S. House Indian, Insular & Alaska Native Affairs Subcommittee, chaired by Rep. Don Young (R., Alaska), postponed until Feb. 2 a hearing on the potential establishment of a federal fiscal control board on Puerto Rico. Titled “The Need for the Establishment of a Puerto Rico Financial Stability and Economic Growth Authority,” it was originally… read more
FOR IMMEDIATE RELEASE January 19, 2016 Contact: Ryan Williams [email protected] 202-677-7060 PUERTO RICO ECONOMIC RECOVERY INITIATIVE PRAISES HOUSE COMMITTEE FOR HOLDING HEARING ON PUERTO RICO FINANCIAL STABILITY AND ECONOMIC GROWTH AUTHORITY Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today praised the House Indian, Insular and Alaska Native Affairs… read more