For years, Puerto Rico has been dealt a bad hand.
With over $70 billion worth of bond debt and $50 billion worth of unfunded pensions, Puerto Rico eclipsed the record $18 billion bankruptcy record filed by Detroit in 2013.
However, a federal judge approved a plan to allow Puerto Rico to exit bankruptcy.
Striking the largest public sector debt restructuring deal in U.S. history, more than 80% of the island’s debt will be reduced. According to Puerto Rico’s financial oversight board, the plan also saves the territory $50 billion in debt repayments.
Julianne Malveaux, dean of the College of Ethnic Studies at California State University, Los Angeles, joins Charles Blow on “Prime” to discuss.
All this and more on “Prime.”
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