By Clayton P. Gillette & David A. Skeel Jr. Gov. Alejandro García Padilla of Puerto Rico has offered a comprehensive proposal for reversing the territory’s downward spiral. Unlike prior proposals, which focused solely on restructuring Puerto Rico’s debt or cutting its spending, the new plan recognizes the urgent need for both. It could actually work,… read more
By Michelle Wilde Anderson Last week, Puerto Rico eked out a major round of payments on its enormous debt — surely the last one that the island can afford to pay in full. The territory’s debt crisis reached a boiling point last summer and is beginning to overflow. By the new year, Puerto Rico will… read more
By Bill de Blasio & Bob Buckhorn Time is running out for Congress to help save Puerto Rico from a financial debacle that could very soon turn into a humanitarian crisis. The magnitude of this emergency, and its effect on all Americans, cannot be overstated. We have heard from Puerto Rican, congressional and local leaders… read more
FOR IMMEDIATE RELEASE Contact: Ryan Williams [email protected] 202-677-7060 January 11, 2016 PUERTO RICO ECONOMIC RECOVERY INITIATIVE LAUNCHES TO HIGHLIGHT HUMAN IMPACT OF DEBT CRISIS New Organization Will Educate Public About Need For Congressional Action To Address Emergency Washington – The Puerto Rico Economic Recovery Initiative (PRERI), a new non-profit organization dedicated to educating the public… read more
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