Puerto Rico Debt Legislation Provides Fiscal Oversight Without Overreaching
7 months ago Comments Off on Puerto Rico Debt Legislation Provides Fiscal Oversight Without Overreaching
The core of any deal to address Puerto Rico’s imminent debt default long has been clear: strong fiscal oversight, paired with powerful tools to facilitate a necessary debt restructuring. But oversight should not overreach, and the new restructuring tools should respect the differences created by existing contracts. The legislation (PROMESA) that emerged from the House achieves the needed balance; it needs to pass the Senate quickly.