On his first official visit to the Puerto Rico, Treasury Secretary Jacob J. Lew said the financial crisis on the island was deepening and he urged Congress to act quickly to give the government the power it needs to restructure all of its debt, the New York Times reported today. “The people of Puerto Rico are sacrificing,” Lew said. “But unless that sacrifice is shared by creditors in an orderly restructuring, there is no path out of insolvency and back to growth.” He met with Gov. Alejandro García Padilla and senior Puerto Rican legislators, as well as leaders from business, labor and civic groups. Lew said that he believed there was still time to restore growth on the island, but the longer the restructuring process took, the harder it would be for the island to recover. Read more.
Join experts in San Juan to discuss Puerto Rico's economic distress and other important cross-border insolvency topics at ABI's Caribbean Insolvency Symposium, Feb. 4-6, 2016. Click here to register!
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.
