Obama Administration Says Filing Bankruptcy Would Help Puerto Rico

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The effort to relieve, or bail out the U.S. commonwealth of Puerto Rico from its current economic struggles, has just received a big boost form the Obama administration.

U.S. Treasury Secretary Jacob Lew has said that allowing Puerto Rico the opportunity to file for bankruptcy will in fact help the island get out from under the $72 billion in public debt that has buried it.

“A central element of any federal response should include a tested legal bankruptcy regime that enables Puerto Rico to manage its financial challenges in an orderly way.” -Secretary Lew

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