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United States

19 Jan 2022

Puerto Rico Gets Green Signal in $33 Billion Debt Resolution Deal — the Largest in U.S. History

Puerto Rico Gets Green Signal in $33 Billion Debt Resolution Deal — the Largest in U.S. History

The Index Today

A U.S. federal judge sanctioned Puerto Rico’s appeal to resolve its debt of $33 billion, making it the largest public sector debt resolution deal in the history of the United States.

Puerto Rico has been under bankruptcy for the past five years, a state which has been further compounded by the pandemic, earthquakes, and hurricanes that have come and gone since then.

The proposed debt reformation plan, which is purported to reduce Puerto Rico’s debt by 80% to $7.4 billion, will spare the government from paying $50 billion in accrued debts.

Natalie Jaresko, who is the Executive Director of the organization monitoring the country’s resources, said, “Today is truly a momentous day, and it is a new day for Puerto Rico. This period of financial crisis is coming to an end.”

©Photo: SPENCER PLATT—GETTY IMAGES