Statement by Phil Anderson, Executive Director of the Puerto Rico Fiscal Stability Coalition on the “Puerto Rico Fiscal Assistance Act of 2015:”

“The Puerto Rico Fiscal Stability Coalition commends Senate Chairs Orrin Hatch, Lisa Murkowski, and Chuck Grassley for recognizing the urgency of Puerto Rico’s financial troubles and advancing constructive solutions, such as providing much-needed tax relief for Puerto Rico’s workers, recognizing the disparities under federal health programs, and providing $3 billion in transition assistance without adding a dime to the federal debt.  Furthermore, …

Former Governor Luis Fortuño: Puerto Rico has a spending problem

The United States Senate held a hearing last week to help determine what, if any, role the U.S. government should play in helping the territory of Puerto Rico to resolve its financial mess. As the immediate past Governor of Puerto Rico, I have some perspective on the root of the island’s current problems, and what Congress and the White House …

Nonpayment on Bonds Would Have Consequences for Puerto Rico

Debt-ridden Puerto Rico faces its next big test in just a few days, when $58 million in bond payments come due — and already the government is mounting a defense against the possibility that it will not have the cash. Government advisers on the island have been sending memos to the news media over the last several days suggesting that …

Los Angeles Times editorial in support of H.R. 870

This has not been the best week for risky government securities. First, the Greek government failed to make a $1.7-billion payment that was due Tuesday. Then the Puerto Rican government revealed that its debt had become unsustainable, although it managed to forestall a default by making more than $1 billion in payments Wednesday. The coincidental timing aside, the situations in …

Greece and Puerto Rico: Lessons for America

From Newt Gingrich: Greece will hold a referendum on Sunday to decide whether it will stay in the Eurozone or leave it. Staying in the Eurozone will require Greeks to accept very harsh austerity cutbacks and reforms. Dropping out of the Eurozone would lead to a radically devalued Greek drachma. Other countries that have accepted devaluation have seen their currency …

Fighting for the state-like treatment of Puerto Rico

Sir, In “Puerto Rico debt calculus grows more complex” (May 29) you state that the effort by the US territory to authorise its government-owned electric power company, Prepa, to adjust its debts under Chapter 9 of the US Bankruptcy Code has been “stymied by the courts”. To clarify, Congress has empowered the 50 state governments to permit their “municipalities” — …

ICYMI: Puerto Rico’s Debt Crisis Is Big Business for Washington Lobbyists

That ugly B word, bailout, has come to dominate debate in Washington about Puerto Rico’s debt crisis. One side argues that passing a bill allowing Puerto Rican government agencies to restructure their debts will stave off an eventual bailout of the whole island. The other side says that’s all wrong: The very act of approving the legislation will constitute a …

Bankruptcy Protection, Not A Taxpayer Bailout For Puerto Rico

Most Americans think that the Framers provided for a pretty good form of government – but most don’t like the government overreaching in trying to control society and reaching too deeply into our pockets. The U.S. territory of Puerto Rico is a prime example of high-tax, liberal welfare state policy failures that have brought the islands to the brink of …

James Glassman Gets it Wrong on Puerto Rico: Economist makes false statements and questionable claims Author’s credibility questioned

“The Right Medicine for Ailing Puerto Rico,” by James Glassman in The Washington Examiner May 12th contains many false statements and inaccuracies. The most serious problem, however, may be Glassman’s credibility. His argument in the op-ed directly contradicts testimony he delivered last July 30th to the House of Representatives Foreign Affairs Western Hemisphere Subcommittee: “Chapter 9 bankruptcy, which applies to …