Puerto Rico in Distress

ABI Analysis

A group of Hispanic members of Congress called on the Treasury secretary, Jacob J. Lew, to take a more muscular role in Puerto Rico’s debt crisis and prevent what they said could become “an economic catastrophe” on the island, the New York Times reported today.

Morgan Stanley said that Puerto Rico’s attempt at a sovereign-like debt restructuring without complete lawmaking authority is likely to fall short in the absence of congressional intervention, Bloomberg News reported on Friday. “We doubt Puerto Rico’s ability to execute this style of restructuring without U.S.

Puerto Rico plans to present a debt-restructuring offer in a few weeks to address a projected $13 billion shortfall in bond payments due over the next five years that the commonwealth says it can no longer afford to pay, Bloomberg News reported yesterday.

New York Gov. Andrew Cuomo led a delegation to Puerto Rico on Monday in hopes of helping the territory address its debt crisis, saying the situation “is threatening the livelihoods of millions of people — many with strong connections to New York,” the Wall Street Journal reported today.