President Obama's and Speaker Ryan's deal to help Puerto Rico | National Catholic Reporter by MSW. MGB: The keys to this deal will be how well the Oversight Board works with the resident commissioner (congressional delegate) from Puerto Rico, a Board more committed to Puerto Rico's long term fiscal and social health than to bond holders and above all a chief of staff who is both smart and committed (and who speaks Spanish). DC had such a control board and staff director. Hopefully P.R. is as lucky.
The precident the Vulture Funds fear the most is not bankruptcy actions in the various states and cities, but whether success denying them in P.R. leads to efforts to deny their rights to full payment on other overseas debt. They fought hard to give U.S. Courts jurisdiction in ordering payment of overseas debt, but what the court can enforce, the court can forgive. P.R. is a nice place to start.
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