Puerto Rico Warns More Defaults Are Coming

Puerto Rico faces a severe debt crisis with $70 billion in liabilities and an inability to use bankruptcy for restructuring. The US Congress is debating a bill to allow debt restructuring and establish a federal oversight board. Historical economic changes, such as the removal of tax breaks, have worsened the situation. Political debates focus on the need for a control board and bankruptcy access, with differing views on the best approach to resolve the crisis.

What role does the US Congress play in Puerto Rico's financial restructuring?

What are the differing opinions on the proposed federal oversight for Puerto Rico?