U.S. Senate Liberals Seek New Puerto Rico Debt Relief

On Wednesday Reuters reported that a group of U.S. Senate liberals introduced legislation providing debt relief to Puerto Rico as the island territory struggles to recover from a devastating 2017 hurricane. The U.S. commonwealth declared the largest municipal bankruptcy in 2017 and is seeking to restructure in court more than $70 billion in debt. The bill would provide $7.5 billion for Puerto Rican creditors whose debt is terminated, including Puerto Rican residents, banks, and other businesses in Puerto Rico.