- js reader version
- view hidden posts
- tags and related articles
by Greg Williams
Friday, Apr. 14, 2017 at 2:25 PM
Within weeks, Puerto Rico will likely enter bankruptcy proceedings tailored by Congress specifically for the US territory.
Within weeks, Puerto Rico will likely enter bankruptcy proceedings tailored by Congress specifically for the US territory. The island's government and creditors are engaged in final talks to try and resolve the dispute before a May 1 deadline. An oversight board created by Congress to deal with Puerto Rico's debt crisis is mediating the current round of debt talks. If no agreement is reached, the oversight board will likely vote for bankruptcy proceedings to begin.
"Whether the crisis is resolved through negotiated deals or a bankruptcy process, solutions must promote economic growth and significantly cut the debt to sustainable levels," said Archbishop Roberto González from the Catholic Archdiocese of San Juan de Puerto Rico. "The debt has human costs and how we resolve the crisis can either lift people out of poverty or trap them in a perpetual cycle of poverty."
The island wrestles with a nearly 60 percent child poverty rate. Religious leaders like González actively called on Congress to include child poverty reduction measures in debt crisis legislation passed last year.
"The most important stake holders in any debt crisis resolution are Puerto Rico's children," said Reverend Heriberto Martínez, the head of the Puerto Rico Bible Society. "We need to be sure we are investing in our children and our children don't inherit the debt."
In the summer of 2015, when the island's government announced the debt was no longer payable, religious leaders across Puerto Rico rallied to resolve the crisis. Working with US religious groups and the development organization Jubilee USA, the island's religious leaders proposed various solutions to aspects of the crisis. Now a comprehensive path to cut the debt appears in sight.
"When the oversight board votes for bankruptcy proceedings, Puerto Rico can access a comprehensive process to deal with all of their debt," noted the executive director of Jubilee USA, Eric LeCompte, who tracks the debt negotiations. LeCompte testified to Congress and the oversight board on the island's crisis. "Puerto Rico is lucky to have a process that can deal with 100% of the debt. Unfortunately it's too rare in the bankruptcy world to have comprehensive processes like this."
Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than 0 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
Report this post as:
Change Links September 2018 posted
More Scandals Rock Southern California Nuke Plant San Onofre
Site Outage Friday
Change Links August 2018
Setback for Developer of SC Farm Land
More problems at Shutdown San Onofre Nuke
Change Links 2018 July posted
More Pix: "Families Belong Together," Pasadena
"Families Belong Together" March, Pasadena
Short Report on the Families Belong Together Protest in Los Angeles
Summer 2018 National Immigrant Solidarity Network News Alert!
Watch the Debate: Excluded Candidates for Governor of California
Change Links June 2018 posted
The Montrose Peace Vigil at 12 Years
Unity Archive Project
Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi
CA Senate Bill 1303 would require an independent coroner rather than being part of police
Three years after OC snitch scandal, no charges filed against sheriffs deputies
California police agencies violate Brown Act (open meetings)
Insane Company Wants To Send Nuke Plant Waste To New Mexico
Change Links May 2018
Worker-Owned Car Wash on Vermont Closed
GUIDE TO REBEL CITY LOS ANGELES AVAILABLE
lausd whistle blower
Help KCET and UCLA identify 60s-70s Chicano images
UCLA Luskin: Casting Youth Justice in a Different Light
Change Links April 2018
More Local News...
Finance Capitalism and the Digital Economy
Muselières syndicales, muselières patronales
Jeff Bezos, Amazon, The Washington Post, Whole Foods, Etc
Why Choose Nut Milk Over Cows' Milk
Antrhopocène, le grand effondrement
Creative Destruction Hack Diamonds Windows/iOS/Android - Creative Destruction Generator
The Dictatorship of Corporations
18 Lethal Consequences Of Hunting
Paraphysique de l'outplacement déontologue
Creative Destruction Hack Mod Generator
Shopping du bashing
After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again
“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen
Probabilités de fin d'humanité
Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW
Propagande de virus, virus de propagande
Steer clear of work morality!
Sweatshop Lodge Ceremony Continues in US Fed Prisons Led by Inmates
Paraphysique de l'origami
The Shortwave Report 09/07/18 Listen Globally!
August 2018 Honduras Coup update
Du réussissement putréfié
Brett Kavanaugh Filled The 5th Circuit With Execution Judges
Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts
Paraphysique de contextualité
Crisis Regulation in Global Capitalism
More Breaking News...