Puerto Rico's financial relief bill faces final senate vote
The Puerto Rico financial relief bill passed an important hurdle when the US senate voted 68-32 on Wednesday to take the bill to a final vote no later than Thursday.
If finally approved by the senate tomorrow, the bill must then be signed by President Obama before Puerto Rico defaults on a debt repayment on July 1.
"We passed one of the last hurdles and we are close to the finish line. I urge the Senate to not delay and vote for final passage as quickly as possible," Eric LeCompte, executive director of the religious development coalition Jubilee USA, which has closely followed the case, said in a statement from the coalition.
"We are hopeful we have the votes to pass the legislation," he said, adding: "Ultimately, we need a solution that is fair to everyone involved from Puerto Rico's creditors to the island's people. The people impacted the most by this crisis are the vulnerable, who had no role in creating this crisis."
The US territory is set to default on a US$1.9bn debt payment scheduled for July 1.
The bill, known as the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), includes debt restructuring capabilities, allowing Puerto Rico to implement pro-growth measures, and involves the appointment of an Oversight Board.
Puerto Rico faces a US$72bn debt and is mired in a 9-year recession with the unemployment rate at 40%.
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