Watch here at 1pm ET to see former Treasury official Brad Setser, now senior fellow at the Council on Foreign Relations, talk about Puerto Rico (along with Cate Long, Dick Ravitch, and Aaron Kuriloff). ... Read full article
Jacoby asks what can the Executive Branch do to help out Puerto Rico. The most practical thing it could do, right now, is to facilitate an exchange offer. Whether the Treasury itself can act as a mediator, or at least facilitate mediation by some ... Read full article
The Puerto Rico situation feels a little like a McGuyver episode. How do we get out of a locked room with only a rubber band and a toothpick? Here are some half-baked thoughts, first on the nature of the problems and then some ideas for solutions. ... Read full article
Melissa's post asked what the executive branch could do to facilitate restructuring of Puerto Rico's debt. I'll get to that, but I first want to talk about Puerto Rico itself. At first glance, the Commonwealth seems to be in a uniquely ... Read full article
In a somewhat surprising move, the Supreme Court has granted cert. to consider if Puerto Rico's Recovery Act is preempted by section 903 of the Code . I have previously argued it is not , but the First Circuit disagreed. We will now see who wins. ... Read full article
So former Senator Judd Gregg has an op-ed in The Hill opposing the administration's plan for a territorial version of chapter 9. In the piece, he tells us "[a]ny bankruptcy bill for Puerto Rico would punish retirees whose pension funds invested ... Read full article
As Melissa has noted , the First Circuit has found that the Commonwealth's attempt to solve its own problem runs afoul of Congress' "intent" to leave Puerto Rico without a municipal bankruptcy system. ... Read full article
So I've been off the grid for a few weeks, and of course after months of little to talk about, the world gave us a bounty of stories about financial distress, and related topics, each of which would merit its own post. But I'm going to hit them ... Read full article
The Illinois Supreme Court issued its unanimous opinion this past Friday putting a stake through the heart of the legislature's latest attempt to evade its responsibility for woefully underfunding four of the state's five public pensions. ... Read full article
As previously predicted , and in light of recent events, legislation has been reintroduced to allow Puerto Rico's municipalities into chapter 9 . ... Read full article
As Melissa has noted , the district court has ruled that Puerto Rico's Recovery Act is preempted by the Bankruptcy Code, among other things. I want to amplify one point that she made in her post. ... Read full article
