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Supreme Court Blocks Puerto Rico Debt Restructuring Law


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Supreme Court Blocks Puerto Rico Debt Restructuring Law

Jubilee USA

WASHINGTON - The United States Supreme Court ruled 5-2 and upheld a lower court decision that prevents Puerto Rico's courts from restructuring some of its debt. The high court reaffirms the Puerto Rico Recovery Act is unconstitutional. The decision impacts about $20 billion of Puerto Rico's $72 billion in total debt. The House of Representatives passed legislation on June 9th (the Puerto Rico Oversight, Management and Economic Stability Act, HR 5728) to allow Puerto Rico to restructure all of its debt.

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