Thomson ReutersU.S. Treasury Secretary Jack Lew gives a news conference at the 2015 IMF/World Bank Annual Meetings in Lima
NEW YORK (Reuters) – Puerto Rico needs debt restructuring authority under U.S. bankruptcy law to address what the Obama Administration has previously called an “escalating crisis”, U.S. Treasury Secretary Jack Lew, said on Fox Business Network TV on Thursday.
U.S. House of Representatives Speaker, Republican Paul Ryan, has instructed committees to work with Puerto Rico’s government to come up with a solution to the island’s financial problems and said this should be crafted by the end of March.
The House is expected to hold a Jan. 5 hearing on the U.S. territory’s financial…
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