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 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
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