Thegrio Politics
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Judge Approves Plan To Allow Puerto Rico Out of Bankruptcy
Posted
January 22, 2022
Views
704
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22
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4.97%
January 22, 2022
704
22
13
4.97%
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8:36Now PlayingFor years, Puerto Rico has been dealt a bad hand.
With over $70 billion worth of bond debt and $50 billion worth of unfunded pensions, Puerto Rico eclipsed the record $18 billion bankruptcy record filed by Detroit in 2013.
However, a federal judge approved a plan to allow Puerto Rico to exit bankruptcy.
Striking the largest public sector debt restructuring deal in U.S. history, more than 80% of the island’s debt will be reduced. According to Puerto Rico’s financial oversight board, the plan also saves the territory $50 billion in debt repayments.
Julianne Malveaux, dean of the College of Ethnic Studies at California State University, Los Angeles, joins Charles Blow on “Prime” to discuss.
All this and more on “Prime.”
To watch BNC programming, visit
Follow BNC on social media:
#PuertoRico #Bankruptcy #CharlesBlow
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