Treasury's Lew Urges Congress to Grant Puerto Rico Bankruptcy

[Purveyor]

Source: Bloomberg

By Kasia Klimasinska, Michelle Kaske
January 20, 2016 — 9:58 AM EST

Treasury Secretary Jacob J. Lew said that Congress needs to act without delay to help Puerto Rico deal with a worsening fiscal crisis, as he visited the island for the first time to witness the impact on the local economy.

“Only Congress can enact the legislative measures necessary for Puerto Rico to resolve this problem,” he said at a press conference in San Juan Wednesday. “The people of Puerto Rico are sacrificing, but unless that sacrifice is shared by creditors in an orderly restructuring, there is no path out of insolvency and back to growth.”

Lew reiterated the Obama administration call for bankruptcy powers for Puerto Rico, paired with independent fiscal oversight, additional health care funding and employment incentives. Republicans say they need more information about the island’s financial situation before they draft a bill and some investors oppose granting Puerto Rico restructuring powers, saying that would change the rules under which the debt was issued.

“Without congressional action, Puerto Rico will face a long and difficult recovery that could have harmful consequences for the American citizens who call the island home,” Lew said. “That is why we have called on Congress to act without delay.”


Read more: http://www.bloomberg.com/news/articles/2016-01-20/treasury-s-lew-urges-congress-to-grant-puerto-rico-bankruptcy

[KamaAina]

1. “Only Congress can enact the legislative measures necessary for Puerto Rico to resolve this problem"

?Como se dice en espanol "screwn"?

[forest444]

3. ¡Jodidos!

Chico.

The worst part is, this is all a dress rehearsal for what they're planning to do with public sector debts here in the U.S.

All they need is a Trump or a Narco Rubio to ride into office (Rubio is vulture fund TARP baby Paul Singer's pet congresscritter), and ¡Estamos todos jodidos!.

We're all screwed.

[KamaAina]

4. "Rubio is vulture fund TARP baby Paul Singer's pet congresscritter"

That may well explain why $iliValley's own Larry Ellison wrote the Waterboy a big fat check.

[forest444]

5. Oh, sure.

Prostitutes always diversify their clientele.

[forest444]

2. Can't.

Caribbean vulture fundies won't hear of it - and they pay our GOP congresscritters (even a few Democrats, notably Bob Menendez) good money to make sure they get their way.

http://nypost.com/2015/11/14/little-known-hedgie-plays-hardball-with-puerto-ricos-debt/