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Congress Offers Broken PROMESA to Puerto Rico

June 30, 2016

Yesterday, the U.S. Senate voted to pass the Puerto Rico Oversight, Management, and Economic Stability Act, known as PROMESA ("promise" in Spanish), without amendments.

Cast as “Puerto Rico’s last chance” before a July 1 default, the bill is a classic congressional compromise in which neither Democrats nor Republicans are completely satisfied. The bill offers Puerto Rico the means to restructure its debt while avoiding a taxpayer bailout. In return, President Barack Obama will...

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