“Juan González: The People of Puerto Rico vs. the Hedge Funds Goes to the Supreme Court”

Democracy Now!

On Tuesday, the Supreme Court heard oral arguments to decide whether Puerto Rico can avoid financial collapse by restructuring a portion of its massive $70 billion debt. The issue before the court was a bankruptcy law Puerto Rico’s Legislature passed in 2014 that would permit the island’s public utilities to restructure about $20 billion those entities owe to bondholders. Known as the Recovery Act, that law was struck down last year after several major bondholders sued successfully in federal court to oppose it. Juan González writes about the case in his new column for the New York Daily News, “Puerto Rico’s future lies in the hands of the Supreme Court.”

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