Senate Passes Puerto Rico Financial Rescue Bill
It was just in the nick of time, but Puerto Rico can breathe a sigh of relief that their inability to meet their debt payment, due this Friday, will not send the island territory into chaos.
Puerto Rico is in a decade-long recession and has $70 billion in debt. A $2 billion payment to creditors is due Friday. Thousands have fled the island and moved to the U.S. mainland as businesses have closed, schools have struggled with limited electricity and hospitals have asked for cash payment in advance for some medication.
In April, this crisis was brought to our attention thanks to John Oliver who has a great way of explaining complex problems with his unique brand of humor. Millions of Puerto Ricans are suffering from the island's confluence of corporate greed and bureaucratic mismanagement. Last Week Tonight exposed the precarious circumstances created by Puerto Rico’s status as a U.S. territory, rather than a fully incorporated state, and highlighted the importance of helping Puerto Rico restructure its debt. The multiple Tony Award winning creator of Hamilton, Lin Manuel Miranda even gave an impassioned plea on behalf of the island where his parents were born, offering Congress free Hamilton tickets to boot.