The New York Times Editorial Board lays out a practical case for Congress to intervene in the Puerto Rico crisis, before something worse happens. The board espouses its support for the plan proposed by the Obama administration, which includes the idea of a super Chapter 9 bankruptcy protection that includes not only utilities and municipalities, but all of Puerto Rico’s debt.
There is no doubt that Puerto Rican leaders have mismanaged the island’s finances and economy. What’s at issue now, though, is not Puerto Rico’s past but its future and that of its inhabitants. If Congress doesn’t like the administration’s ideas, it needs to come up with its own.
Only issue we see with this column is that Puerto Rico is already broke. It just bought a little time.