Puerto Rico Lays Out 5-Year Plan for Restructuring Its Debts
ByTrying to balance the demands of anxious island residents on one side and powerful financial institutions on the other, the governor of Puerto Rico announced a plan Wednesday for bailing the island out of debt that would require at least five years of bruising reform if it is to succeed.
In a speech live on television and online, the governor, Alejandro García Padilla, stepped up his populist talk, seeming to take the side of residents against investors, who would face losses on their Puerto Rico bonds if the plan goes into effect. “We may be publicly attacked by outside interests who will want to force us to pay,” Mr. García Padilla said. “They will attack us, because they’ll want to see us on our knees.”…
Puerto Rico Lays Out 5-Year Plan for Restructuring Its Debts
