Will Puerto Rico's biggest export to the U.S., a debt problem, set a precedent?
A significant precedent is being set in Puerto Rico, part of a larger topic that some in the alternative investment space have been watching closely. This is the point at which the reality of a debt implosion collides with the warped perception of a debt bubble, one were few people discuss the consequences.
It is against this backdrop that the Puerto Rican House of Representatives this week passed legislation went to the governor for approval. Advisors to institutional investors are calling the debt "restructuring" bill “lawless” while government advocates have their eyes on Washington D.C. and House Speaker Paul Ryan.
Ryan and...
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