Puerto Rico needs …. and deserves an opportunity to get back on its feet. Many depend on this!!
Today, the Supreme Court agreed to decide whether Puerto Rico, which is in the midst of a financial crisis, may allow public utilities there to restructure $20 billion in debt. The New York Times reports:
Puerto Rico’s lawyers had urged the court to take immediate action in light of the overall magnitude of the commonwealth’s debts, around $72 billion, which it says it cannot pay. “Anyone who has even glanced at the headlines in recent months knows that the commonwealth is in the midst of a financial meltdown that threatens the island’s future,” they wrote in their petition seeking review ofan appeals court decision that struck down a 2014 Puerto Rico law allowing the restructurings. “Because that decision leaves Puerto Rico’s public utilities, and the 3.5 million American citizens who depend on them, at the mercy of their creditors,” the commonwealth’s lawyers wrote, “this court’s review is warranted —…
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