Working on this new server in php7...
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Puerto Rico Oversight Board Mediates Last Ditch Debt Negotiations

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:

© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy