Blog Feeds

The Saker
A bird's eye view of the vineyard

offsite link Tulsi Gabbard on the US seeking a pretext to go to war with Iran Tue May 21, 2019 18:10 | The Saker

offsite link Full Spectrum Economic War has replaced Trade War Tue May 21, 2019 17:39 | amarynth
by Chris Faure for The Saker Blog The Trading Community I grew up in the dark continent on farms, where, in the local trading town, my parents owned the meat

offsite link Why capturing Huawei is no victory in tech war Tue May 21, 2019 17:06 | amarynth
By Pepe Escobar – posted with permission It?s geopolitical, geoeconomic war. Cold, so far, but now about to descend to deep freeze. The US National Security Strategy unmistakably spells it out.

offsite link Dissecting The Unfathomable American-Iranian War: Tue May 21, 2019 16:41 | The Saker
by Ghassan Kadi for The Saker Blog As the American military build-up continues around the Strait of Hormuz, and as a potential American-Iranian war looms, many analysts are convinced that

offsite link Hama Ceasefire Initiative Failed. Clashes Ongoing Mon May 20, 2019 21:13 | Scott
Syrian War Report ? May 20, 2019: Hama Ceasefire Initiative Failed. Clashes Ongoing On May 17 and May 18, the Syrian Air Defense Forces (SADF) intercepted several unidentified aerial objects

The Saker >>

Human Rights in Ireland
A Blog About Human Rights

offsite link China?s LGBT Community Mon Apr 15, 2019 19:19 | Human Rights

offsite link Declaration of Human Rights at Sea Mon Apr 08, 2019 07:31 | Human Rights

offsite link NZ Watchdog On Limits Of Free Speech Thu Mar 28, 2019 11:44 | Human Rights

offsite link US Abortion Restrictions Violating The Human Rights Of Women Thu Mar 14, 2019 15:33 | Human Rights

offsite link Human Rights Watch Urges the Human Rights Council to Renew and Strengthen Mandate of UN Commission Tue Mar 12, 2019 21:51 | Human Rights

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Poverty and class 12:57 Tue May 21, 2019 | WorldbyStorm

offsite link Unity? 10:56 Tue May 21, 2019 | WorldbyStorm

offsite link Dublin Candidates debate on RTÉ 07:41 Tue May 21, 2019 | WorldbyStorm

offsite link How much will you vote? 14:33 Mon May 20, 2019 | Tomboktu

offsite link Ask a stupid question? 14:11 Mon May 20, 2019 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017

offsite link IRISH COMMONWEALTH: TRADE UNIONS AND CIVIL SOCIETY IN THE 21ST CENTURY 14:06 Sat Nov 18, 2017

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

Dublin Opinion >>

Puerto Rico Bankruptcy Process Begins

category international | elections / politics | press release author Tuesday May 16, 2017 20:31author by Abby Wilhelm - Jubilee USA Network Report this post to the editors

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan.

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan. The Title III debt restructuring process was created as a part of debt crisis legislation that was signed into law last summer.

"This is a historic process," notes Eric LeCompte, the Executive Director of Jubilee USA who is in San Juan to monitor the process. "The legislation and process is unique among bankruptcy processes because it can restructure all of Puerto Rico's debt and ensures that all creditors participate in the process."

LeCompte monitored the case involving Argentina versus NML Capital and organized nearly 80 development and religious organizations to file an Amicus Brief to the Supreme Court in 2014. Because Argentina was required to pay a small group of "holdout" creditors, the country was not able restructure all of its debt or return to the international capital markets for almost 15 years. LeCompte worked with Congressional leadership to create and pass legislation that would prevent so-called "vulture" funds from taking advantage of Puerto Rico as they did to Argentina. The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) was designed to prevent predatory and "holdout" behavior.

"Puerto Rico's bankruptcy process could be a model for better, more comprehensive bankruptcy processes for states and other countries," explained LeCompte who advised the United Nations General Assembly on the creation of a global bankruptcy process. "Current debt restructuring processes available for U.S. states and countries can not restructure all of their debt, but the process for Puerto Rico can."

Overseeing the hearings is Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York. ‎The process will likely last a year and a half or more.

"In the coming years, Puerto Rico will still have a lot of obstacles to overcome but if this process is done right, Puerto Rico will have a clear path for recovery and economic growth," says LeCompte.

Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people.

www.jubileeusa.org

© 2001-2019 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy