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
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