US President Barack Obama signed the deal that will give Puerto Rico access to bankruptcy-like measures without an injection of US Federal funds. The bill allows Puerto Rico to restructure its debt within the US federal court system, a provision that had been keenly sought by the Obama administration.
The economic break for Puerto Rico comes as good news for the Dominican Republic. What is good for Puerto Rico is good for the DR. A large Dominican population lives in Puerto Rico and Puerto Rico is a traditional trade and travel source.
PBS called the strong bipartisan support the bill received in the US Congress “a rare election-year feat.” The Senate voted 68-30 for the legislation on Wednesday, 29 June 2016, three weeks after the House had approved the measure.
The bill is expected to help pave the way for economic recovery in Puerto Rico that is enduring a decade-long recession and has accumulated a staggering US$70 billion in debt.
http://www.pbs.org/newshour/rundown/obama-vows-to-move-quickly-to-sign-puerto-rico-bill/
