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The Saker
A bird's eye view of the vineyard

offsite link New management in hell Mon May 29, 2017 23:32 | The Saker

offsite link Syrian War Report ? May 29, 2017: Situation Escalates At Syrian-Iraqi Border Mon May 29, 2017 22:52 | Scott
https://southfront.org/syrian-war-rep... If you?re able, and if you like our content and approach, please support the project. Our work wouldn?t be possible without your help: PayPal: southfront@list.ru or via: http://southfront.org/donate/ or

offsite link NATO at war and other statistical marvels Mon May 29, 2017 05:11 | Scott
by Scott Humor NATO Parliamentary Assembly Spring Session, Tbilisi, 26-29 May 2017 “The capital of Georgia, Tbilisi is a historic and a strategic place in the Caucasus region, which gave

offsite link Hassan Nasrallah on Donald Trump?s visit to Saudi Arabia Mon May 29, 2017 05:04 | The Saker
Speech by Hezbollah Secretary General Sayed Hassan Nasrallah on May 25, 2017, on the occasion of the seventeenth anniversary of the Liberation of Southern Lebanon Source : http://almanar.com.lb/2088414 Translation: http://sayed7asan.blogspot.com

offsite link US progressives must demand 3.5 more years of Russophobia! Sun May 28, 2017 20:26 | The Saker
by Ramin Mazaheri There I was again, flying first class on my shareholders? dime from New York to San Francisco, when I was deeply saddened to read about the death

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Human Rights-Based Integration Policy and the New ?Migrant Integration Strategy? Fri Apr 28, 2017 12:33 | Cliodhna Murphy

offsite link The Citizens Assembly Proposals: A Draft Bill Tue Apr 25, 2017 20:42 | admin

offsite link NUI Galway Announce New Director of Irish Centre for Human Rights Mon Apr 24, 2017 11:50 | Eoin Daly

offsite link Barriers to first trimester abortion care. Sun Apr 23, 2017 12:31 | admin

offsite link Why would any country put abortion in the Constitution? Thu Apr 20, 2017 17:28 | Máiréad Enright

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Those UK Election debates? 20:54 Mon May 29, 2017 | WorldbyStorm

offsite link Anti-partitionists? 19:27 Mon May 29, 2017 | WorldbyStorm

offsite link What a crew? 15:13 Mon May 29, 2017 | WorldbyStorm

offsite link Abortion 11:10 Mon May 29, 2017 | WorldbyStorm

offsite link Left Archive: Rebel, Revolutionary Struggle, no. 52, May 1982 07:17 Mon May 29, 2017 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

offsite link THE WRATH OF KANE: BANKING CRISES AND POLITICAL POWER 09:32 Fri Jan 30, 2015

offsite link ALWAYS THE ARTISTS: WEEK THREE OF THE BANK INQUIRY 23:11 Thu Jan 22, 2015

Dublin Opinion >>

Puerto Rico Bankruptcy Process Begins

category international | elections / politics | press release author Tuesday May 16, 2017 20:31author by Abby Wilhelm - Jubilee USA Network Report this post to the editors

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan.

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan. The Title III debt restructuring process was created as a part of debt crisis legislation that was signed into law last summer.

"This is a historic process," notes Eric LeCompte, the Executive Director of Jubilee USA who is in San Juan to monitor the process. "The legislation and process is unique among bankruptcy processes because it can restructure all of Puerto Rico's debt and ensures that all creditors participate in the process."

LeCompte monitored the case involving Argentina versus NML Capital and organized nearly 80 development and religious organizations to file an Amicus Brief to the Supreme Court in 2014. Because Argentina was required to pay a small group of "holdout" creditors, the country was not able restructure all of its debt or return to the international capital markets for almost 15 years. LeCompte worked with Congressional leadership to create and pass legislation that would prevent so-called "vulture" funds from taking advantage of Puerto Rico as they did to Argentina. The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) was designed to prevent predatory and "holdout" behavior.

"Puerto Rico's bankruptcy process could be a model for better, more comprehensive bankruptcy processes for states and other countries," explained LeCompte who advised the United Nations General Assembly on the creation of a global bankruptcy process. "Current debt restructuring processes available for U.S. states and countries can not restructure all of their debt, but the process for Puerto Rico can."

Overseeing the hearings is Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York. ‎The process will likely last a year and a half or more.

"In the coming years, Puerto Rico will still have a lot of obstacles to overcome but if this process is done right, Puerto Rico will have a clear path for recovery and economic growth," says LeCompte.

Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people.

www.jubileeusa.org

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