Puerto Rico’s debt-restructuring plan is based on overly rosy expectations about the island’s prospects. Even reduced, Puerto Rico’s debt looks unsustainable, write Three_Guineas and alpgomez.
Puerto Rico’s federally appointed oversight board said on Feb. 9 that it has reached a deal with bondholders to restructure $35 billion of debt and other claims. The agreement would cut about $24 billion of debt by swapping the existing debt for $10.7 billion in new bonds. Under the plan, creditors will also receive $3.8 billion in cash.
Puerto Rico Governor Wanda Vazquez said she was against the proposal because it gave bondholders a better deal than the one put on the table in June, while cuts to retired government workers’ pensions remain the same. The plan requires legislative approval.
Norge Siste Nytt, Norge Overskrifter
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