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Post by Logan on Jul 3, 2016 22:53:14 GMT -6
PROMESA, the Puerto Rico Oversight, Management, and Economic Stability Act, was signed into law by President Obama late yesterday (June 30). Puerto Rico is still expected to default on its constitutionally-guaranteed debt today, but PROMESA is intended to prevent the “death spiral into chaos” that leaders have been predicting. President Obama expressed his support of the bill at the signing: “We’ve got millions of our fellow citizens in Puerto Rico who have been suffering under one of the worst financial crises, fiscal crises in memory. And at the consequence of the inability for them to restructure their debt, you’ve seen hospitals unable to operate, ambulances shutting down, basic services shutting down, and government workers not being paid. It has brought enormous hardship to Puerto Rico. Through some amazing work by our Treasury Department, our legislative staff, and a bipartisan effort in both the House and the Senate, we finally have legislation that at least is going to give Puerto Rico the capacity, the opportunity to get out from under this lingering uncertainty with respect to their debt, and start stabilizing government services and to start growing again. Read more: www.puertoricoreport.com/promesa-is-law/
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meteor
Party Insider
Posts: 25
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Post by meteor on Jul 3, 2016 23:13:18 GMT -6
I have my fingers crossed for them.
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