ABI Quotes Sonia Colón and Jorge San Miguel, Esq. on Journal Article
The American Bankruptcy Institute quoted Sonia Colón and Jorge San Miguel, Esq. on May 2016 Journal article titled Puerto Rico’s Real Crisis Is Credibility. The article discusses the Puerto Rico government’s narrative over the past months and how Puerto Rico needs access to Chapter 9 to address its debt crisis. The reasons stated include the Island’s economic contraction since 2006, its declining population due to migration, too large and non-payable debt, and the fact that its government has cut costs severely and must continue to provide essential services, lest there be a more acute humanitarian crisis.
It is also a myopic view that ignores the true and tested alternatives that Puerto Rico has readily available, regardless of federal action. Furthermore, it erroneously focuses on the symptoms instead of the root causes that led to the territory’s current fiscal, economic and debt crisis.
For more information about the latest news coverage on the Island’s financial crisis and read full article, visit ABI’s “Puerto Rico in Distress” website at: ABI Juornal article.
