Puerto Rico is facing its biggest debt deadline yet on May 1, but Congress, which experts say is the territory’s only hope, likely won’t be doing anything about it.
Congress holds keys to solving the situation,” economist Aleksandar Tomic told ABC News about the territory’s $73 billion debt crisis.
On May 1, a $422 million payment is due to Puerto Rico’s Government Development Bank, its biggest yet. Its upcoming deadline of $2 billion looms even more ominously. There is one immediate way that Congress could help, Tomic said, which is re-instating Chapter 9 bankruptcy protection afforded to mainland municipalities. That provision was stripped of Puerto Rico by Congress in 1984 and there is no real reason Congress could not …
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