Judge Signs Plan, Resolves Puerto Rico Bankruptcy Battle
Puerto Rico Gov. Pedro Pierluisi said that while the plan is not perfect, it represents a big step for the island's economic recovery.José Luis Dalmau, president of Puerto Rico's senate and a member of the main opposition party, also praised the plan and called it a transcendental step for the island's economic recovery.
“From this moment on, a new page of fiscal responsibility, good governance and unity begins, which will lead to a more prosperous economy, a climate of job creation and greater fiscal stability,” he said. Puerto Rico’s government declared in 2015 that it could not afford to pay its more than $70 billion public debt load accumulated the debt through decades of mismanagement, corruption and excessive borrowing. It then filed for the largest municipal bankruptcy in U.S. history in 2017.
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