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Author: Joy Zhang

Can Bitcoin save the economy of Puerto Rico?

In 2017, Hurricane Maria gave a massive blow to the already faltering Puerto Rican economy. According to a Harvard University study, the mortality rate in Puerto Rico rose by 62% after Hurricane Maria and there were 4,645 additional deaths in 2017 during the period following Hurricane Maria. The broken power grid and delayed medical care is the culprit in causing such disastrous consequences. Puerto Rico’s heavily indebted government has been unable to organize an efficient recovery effort. Puerto Rico faced not just an economic crisis, but a crisis of confidence for the people in their government. At this point,...

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What the Puerto Rico debt restructuring deal means for debtors

On February 4, 2019, a major debt restructuring plan for Puerto Rico was approved by a federal bankruptcy judge. It was the first such deal in Puerto Rico since the territory’s government declared that it could not pay its public debt nearly four years ago. This restructuring plan required Puerto Rico to pay $32 billion over 40 years. Although it looks like this requirement will put a high degree of economic pressure on the Puerto Rican government, officials said this restructuring deal will be a great move for the recovery of Puerto Rico’s economy because the territory would save...

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