Sanders Says Chapter 9 ‘Good First Step’ on Puerto Rico Debt

“We need to do everything we can to allow Puerto Rico to restructure its debt in a rational way that does not harm its people, ordinary investors or pension funds in the U.S.,” Sen. Bernie Sanders says in a statement.

  • “But we also should recognize that the reason Puerto Rico has such unsustainable debt has everything to do with the policies of austerity and the greed of large financial institutions”
    • Says goals must also be to ensure Puerto Rico can “rebuild its economy,” create jobs, expand tax base
  • NOTE: Sanders, of Vt., is running for president as a Democrat
    • Other presidential contenders who’ve backed Chapter 9 access for Puerto Rico agencies incl. Republican Jeb Bush, Democrats Hillary Clinton, Martin O’Malley
Related: Puerto Rico Loses Bid for Restructuring Law as Crisis Mounts