SCOTUS: Puerto Rico pols can’t restructure debt

posted by
June 14, 2016
The Hill    
Posted in News

"The Supreme Court ruled Monday that Puerto Rico can't restructure the debts of its public utilities to avoid a financial crisis, closing off one of the island's last remaining options for avoiding default without help from Congress. In a 5-2 ruling, the justices said that although the government and people of Puerto Rico should not have to wait for possible congressional action to avert a financial crisis, the Constitution does not allow them to rewrite a statute that Congress enacted in 1984. While states can allow municipalities to seek such debt relief, the lower court said, Congress had not given Puerto Rico that right." (06/13/16)  

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