May 29, 2022

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Judge Approves Puerto Rico Debt Restructuring, But Unelected “Junta” Could Remain for Years Longer

1 min read

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.”

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