AMERICA/PUERTO RICO - Start bankruptcy process to save the country : religious leaders demand

Wednesday, 26 April 2017 economy   politics   street children  

San Juan (Agenzia Fides) – "We confirm our encouragement and our support to the government of Puerto Rico and the Supervising Committee, to authorise a process of Title III bankruptcy before 28 April, when legal debt protection will expire ": this is part of a statement sent to Fides, issued yesterday, 25 April by the Archbishop of San Juan de Puerto Rico, Roberto González, and signed also by Rev. Heriberto Martínez, head of the Puerto Rico Bible Society. "Unless the vigilance council and the governor take action before 28 April, we fear Puerto Rico will become the victim of predator and ‘vulture’ funds” the text affirms.
Only a few months ago, a law on Puerto Rico’s debt crisis was approved by the US Congress, because it is a federate state of the United States of America. The legislative norms included temporary protection from legal action and a bankruptcy process to restructure the whole of the Island’s debt (see Fides 23/03/2017).
"The bankruptcy process designed by Congress is a very powerful tool, it is truly the only process with the capacity to restructure every dollar of the debt " said Eric LeCompte, executive director of Jubilee USA Network. LeCompte worked on the legislation and acts as a counsellor to the religious leaders of Puerto Rico. " Puerto Rico’s time is almost up and it is the responsibility of the vigilance council authorise the bankruptcy process now" he concluded.
(CE) (Agenzia Fides, 26/04/2017)