Puerto Rico, facing absolute devastation after Hurricane Maria barreled through last week, desperately needs immediate funding to restore critical infrastructure, particularly its hobbled electric grid. The entire island home to over 3.5 million American citizens, roughly equivalent to the state of Connecticut lost power, and satellite imagery shows how little electricity has come back. This affects not only electricity and telecommunications service but access to clean water, as many pumping stations run on the same grid.
A group of bondholders, who own a portion of Puerto Ricos massive $72 billion debt, has proposed what they are calling relief but in the form of a loan. So theyre offering a territory mired in debt the chance to ta…
Read the full article at: https://theintercept.com/2017/09/27/puerto-rican-debt-holders-respond-to-catastrophic-hurricane-by-offering-puerto-rico-more-debt/