Debt Review

The U.S. Supreme Court announced on Dec. 4 that it will review a lower court decision blocking Puerto Rico from restructuring portions of its debt. Puerto Rico’s lawyers had urged the court to take immediate action in light of the overall magnitude of the commonwealth’s debts, around $72 billion, which it says it cannot pay. In a letter to Congress on Dec. 1, Archbishop Thomas G. Wenski of Miami urged a legislative response to the problem. He said, “The people of Puerto Rico are suffering from painful poverty and hunger, persistent joblessness, and other social problems, as a result of the financial crisis gripping the Commonwealth’s economy.” He added, “They bear little responsibility for the situation yet suffer most of the consequences.” Over 45 percent of the Puerto Rican population live in poverty. Archbishop Wenski urged Congress to advance the Puerto Rico Chapter 9 Uniformity Act. That bill would give the Puerto Rican government the same bankruptcy protections afforded to American cities.

Comments are automatically closed two weeks after an article's initial publication. See our comments policy for more.

Advertisement
Advertisement

The latest from america

The Adorers of the Blood of Christ have asked the U.S. Supreme Court to decide whether their religious freedom rights were violated by the construction and pending use of a natural gas pipeline through its land.
Throughout the discussions leading up to the synod's final week, small groups "have been very specific and intentional that we don't become too Western with our approach."
In a statement issued a few minutes after the broadcast of a story from Radio-Canada investigating sexual abuse allegedly committed by 10 Oblate missionaries in First Nation communities, the Quebec Assembly of Catholic Bishops told of their "indignation and shame" for the "terrible tragedy of
Central American migrants depart from Ciudad Hidalgo, Mexico, on Oct. 21. (AP Photo/Moises Castillo)
Many of the migrants in the caravan are fleeing Central America’s “Northern Triangle”—El Salvador, Guatemala and Honduras. These countries are beset by “the world’s highest murder rates, deaths linked to drug trafficking and organized crime and endemic poverty.”
J.D. Long-GarcíaOctober 23, 2018