In a major development, a federal judge on Tuesday approved a plan to restructure Puerto Rico’s massive debt. The proposal was presented by the territory’s U.S.-imposed Fiscal Control Board, and it reduces the biggest portion of the island’s debt, about $33 billion, by some 80%. Last year, union leaders pressured the board to remove cuts to pension plans from the current version of the debt restructuring deal.
Opponents of the agreement say it will only worsen Puerto Rico’s economic struggles. “In terms of whether it really resolves the financial crisis of Puerto Rico going forward, that remains to be seen,” says Democracy Now! co-host Juan González, a close observer of Puerto Rican history and politics, who warns the unelected fiscal board could remain in charge of the island’s finances for years to come. “There’s some positives in this, but there’s a lot of uncertainty still to go.”
Democracy Now! produces a daily, global, independent news hour hosted by award-winning journalists Amy Goodman and Juan González. Our reporting includes breaking daily news headlines and in-depth interviews with people on the front lines of the world’s most pressing issues.
On DN!, you’ll hear a diversity of voices speaking for themselves, providing a unique and sometimes provocative perspective on global events.
Missed an episode? Check out DN on FSTV VOD anytime or visit the show page for the latest clips.
#FreeSpeechTV is one of the last standing national, independent news networks committed to advancing progressive social change.
#FSTV is available on Dish, DirectTV, AppleTV, Roku, Sling, and online at freespeech.org.
Sign up for Our Newsletter
Get updates about the policies and topics that matter the most to you. Progressive news directly to your email.