New York Times: Don’t Abandon Puerto Rico
The New York Times has published an editorial urging the U.S. Congress not to “abandon” Puerto Rico and the 3.5 million American citizens living on the island.
The Times’ Editorial Board lashes out against “investors who are partly responsible for the problem because of their reckless lending to Puerto Rico’s government” as well as members of Congress who have bought those investors’ “disingenuous arguments” that the restructuring legislation is akin to a bailout.
The editorial says there is no reason for Congress not to move quicker to approve legislation that would enable Puerto Rico to get federal bankruptcy protection to renegotiate its debt in an orderly fashion.
The piece further warns the island’s creditors about the need to “do the right thing” and avoid “years of litigation that would benefit no one and inflict intolerable hardships on millions of Americans.”