Washington Passes Bill Helping Puerto Rico
NewsJustIn at NatsWritings.com
The Senate in Washington has just passed a bill that will stave off creditors and hedge funds looming over Puerto Rico’s 70 billion dollar debt. The bill will also establish an oversight board to help Puerto Rico restructuring it’s 70 Billion dollar debt.
This comes at the most critical time helping Puerto Rico from having to make deeper cuts to hospitals, schools and other vital services in order to pay back the debt due on Friday. Over half of that debt is owned by creditors.
Unfortunately it comes too late to prevent the commonwealth from defaulting on a payment due July 1, though on the good side it will put an immediate pause on any lawsuits filed against the island for what would amount to roughly a year and half. (An extension of the stay is also available for at least another two months if the control board or a court approves.)
Well done Senate in Washington B+
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