Gutiérrez On Title III Bankruptcy Declaration For Puerto Rico
Washington, DC – Today, Rep. Luis V. Gutiérrez (D-IL) issued a statement reacting to the news that the Governor of Puerto Rico announced he will seek bankruptcy protection under Title III of the PROMESA law that established the Financial Control Board over Puerto Rico. Rep. Gutiérrez is in his 13th term representing the Fourth District of Illinois. He is a Member of the Judiciary Committee and is the Chair of the Immigration Task Force of the Congressional Hispanic Caucus.
“It’s about time the Governor called on the Financial Control Board to initiate the bankruptcy process under Title III of PROMESA. The ability to restructure Puerto Rico’s debt is really the one provision of PROMESA that had any value. The cost in lost sovereignty, lost control, severe austerity and payments to bondholders was too high a price to pay for PROMESA, which I predict will ultimately be a failure. But the bankruptcy provisions will require the bondholders to pay at least a small price for plundering and profiting off of Puerto Rico and its municipal bond market.”
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