Puerto Rico is at risk of defaulting on $72 billion in debt and is facing a humanitarian catastrophe. Congressional leaders have promised to take up legislation that will help with urgently needed financial protections, but your voice is needed to encourage members to support these debt relief proposals.
Puerto Rico is a U.S. territory and its 3.5 million U.S. citizens are facing a humanitarian crisis. Nearly 50% of the island lives in poverty and nearly 10% have left for the U.S. mainland. More than 100 schools closed last year as the government has made austerity budget cuts in order to pay its debt obligations.
Because Puerto Rico is neither a U.S. state nor a sovereign nation, it has fewer options when it comes to financial stability measures, and in particular is not eligible for the bankruptcy protection available to every other U.S. state.
Without bankruptcy protection, Puerto Rico does not have an orderly process for solving its debt crisis. Contact your member of Congress today and urge their support for bankruptcy protection for Puerto Rico.