For Immediate Release
Eric LeCompte, Executive Director, Contact: Kate Zeller, Campaigns Director,
firstname.lastname@example.org / (o) (202) 783-3566 x105 / (m) (503) 936-7553
Puerto Rico Debt Deal Receives Court Approval
WASHINGTON - Judge Laura Taylor Swain approved a deal to restructure $17 billion of Puerto Rico's $72 billion debt on Monday. Court approval was the last hurdle creditors and the island's oversight board needed for a plan to address sales tax backed debt or "COFINA" debt.
"We are worried that not enough debt is being cut and that Puerto Rico's people are carrying heavy austerity burdens," said Jubilee USA Executive Director Eric LeCompte, who monitors Puerto Rico's debt. "The math isn't adding up. If plans to restructure the remaining debt fail to cut the majority of the island's debt load, Puerto Rico can't see sustained economic recovery and growth."
SCROLL TO CONTINUE WITH CONTENT
Never Miss a Beat.
Get our best delivered to your inbox.
The ruling followed two days of hearings and weeks of deliberation. In Swain's "COFINA" ruling, she notes objections to the debt plan, such as sustainability and the lack of a complete debt audit.
"Nearly six out of ten kids live in poverty in Puerto Rico and if future debt deals don't cut enough debt, we won't address the child poverty epidemic on the island," noted LeCompte, who serves on United Nation finance expert groups.
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.
Please select a donation method: