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Latin American Economy & Business - June 2016 (ISSN 1741-7430)
Puerto Rico: Waiting for PROMESA
On 9 June, the US House of Representatives passed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). This new law imposes a suspension on past and future lawsuits related to the non-payment of some of the debts of the government of Puerto Rico and its agencies. The new law also provides for the creation of a federal oversight board that will direct a restructuring of the debt. PROMESA is due to pass through the US Senate before the end of June.
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