Gustavo Vélez discuss PREPA’s debt restructuring agreement and its potential to ensure high energy bills, among other risks
Gustavo Vélez discuss PREPA’s debt restructuring agreement and its potential to ensure high energy bills, among other risks
The last U.S. financial crisis had its roots in an unchecked housing boom that became a nationwide phenomenon. The next U.S. financial crisis will be attributable to the impending economic collapse in Puerto Rico, whose consequences will spread to the mainland. In a misguided effort to show progress in debt negotiations, the Puerto Rico government is considering approval of a PREPA debt restructuring agreement (RSA) that confers little benefit to the people of Puerto Rico and which has the potential to ensure high energy bills and poor policy for years to come. This paper will focus on the current PREPA debt restructuring deal, energy costs in Puerto Rico, and why the PREPA debt is good for PREPA creditors, but bad for Puerto Rico’s economy.
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