WASHINGTON — Hillary Rodham Clinton says Congress and the Obama administration should help Puerto Rico restructure its debts under Chapter 9 bankruptcy as the island faces an economic crisis. Clinton says the island needs partners to “get on a path toward stability and prosperity.”
Clinton says in a statement Tuesday that Congress should give Puerto Rico, a U.S. territory, the same ability to restructure its debts as U.S. municipalities and public corporations under the bankruptcy code. Legislation allowing Puerto Rico to do so is pending in Congress.
Clinton says she’s “not talking about a bailout, we’re talking about a fair shot at success.”
Puerto Rican Gov. Alejandro Garcia Padilla said last month the island’s $72 billion public debt is unpayable given the current level of economic growth.
