Just Say No to a Puerto Rico Bankruptcy

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This is an opinion item.

Author(s) Mary Anastasia O'Grady
Source The Wall Street Journal
Date March 13, 2016
URL http://www.wsj.com/articles/just-say-no-to-a-puerto-rico-bankruptcy-1457907473
Quotes-start.png Mr. Pierluisi’s insistence that Puerto Rico needs chapter 9 also has been undermined by the voluntary restructuring worked out between the Puerto Rico Electric Power Authority (Prepa), the largest public corporation on the island, and its creditors, who are owed some $8 billion. In February Puerto Rico’s legislature approved the deal, in which the face value of most bonds is cut by 15% and coupons are cut by approximately 1 percentage point in exchange for a dedicated revenue line on customer bills to pay debt service. Quotes-end.png

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This item argues against the position Puerto Rico should be allowed to declare bankruptcy on the topic Puerto Rican government-debt crisis.