There Is Another Way: A Fiscal Responsibility Law For Puerto Rico

What follows is a publication written by CNE’s Research Director, Deepak Lamba-Nieves, and CNE’s Policy Director, Sergio M. Marxuach, explaining how Fiscal Rules can be used as a substitute for a Federal Control Board.
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Will Congress Let Chaos Prevail? Countdown to Chapter 9 for Puerto Rico

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As Washington debates whether or not to approve access by Puerto Rico to some version of Chapter 9 of the U.S. Bankruptcy Code, the negative implications of a disorderly default looms large on the horizon of both island residents and bondholders.

An analysis by CNE of Puerto Rico’s “insanely convoluted” debt structure has found that without recourse to Chapter 9, Puerto Rico bondholders will face a myriad of unresolved legal issues which anticipate protracted litigation, a complex maze of claims and counterclaims, and years of nonpayment. Among the key open issues that will affect bondholders claims are the following: READ MORE

What A Debt Default Would Look Like Without Chapter 9 (related documents)

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As the clock ticks for Puerto Rico, what would a debt default look like without the recourse of Chapter 9 of the U.S. Bankruptcy Code? With all probability, players will face years of nonpayment, an utterly complex maze of claims and counterclaims, protracted litigation, and a myriad of open, unresolved legal questions.

In the following paper, CNE analyzes Puerto Rico’s “insanely convoluted” debt structure, and finds that very few players will benefit from the chaos of a disorderly default. We will detail some of the consequences of a default on Puerto Rico’s debt and consider some of the principal arguments in favor of allowing Puerto Rico to avail itself of the debt restructuring process under Chapter 9 of the U.S. Bankruptcy Code.

Scroll down for the following documents:
– Puerto Rico Debt: A Survey of the Landscape- Introduction[1]
– Puerto Rico Debt Analysis[2]
– Executive Summary: Puerto Rico Debt Analysis[3]
– Resumen Ejecutivo: La estructura de la deuda[4]
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Analysis of Puerto Rico’s Current Economic and Fiscal Situation

What follows is an analysis of Puerto Rico’s current economic and fiscal situation which Sergio Marxuach submitted for the United States’ Senate Energy and Natural Resources Committee hearing on Thursday, October 22nd, 2015.
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Testimonio ante el Comité de Energía y Recursos Naturales del Senado de EEUU

A continuación el testimonio de Sergio Marxuach ante el Comité de Energía y Recursos Naturales del Senado de los Estados Unidos en su audiencia del jueves, 22 de octubre de 2015. La misma abordó el tema de la economía y la deuda de Puerto Rico y las opciones del Congreso al respecto.
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Testimony before the US Senate Energy & Natural Resources Committee

What follows is Sergio Marxuach’s testimony before the United States’ Senate Energy and Natural Resources Committee on Thursday, October 22nd, 2015. The Committee hearing addressed Puerto Rico’s economy, debt and options for Congress.
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Las 4 claves de CNE ante el Congreso de EEUU

A continuación un resumen de los 4 temas más importantes abordados ante el Comité de Finanzas del Senado de los Estados Unidos durante el testimonio de Sergio Marxuach ofrecido el martes, 29 de septiembre de 2015.
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Testimonio ante el Comité de Finanzas del Senado de EEUU

A continuación el testimonio de Sergio Marxuach ante el Comité de Finanzas del Senado de los Estados Unidos en su audiencia del martes, 29 de septiembre de 2015 la cual abordó el tema de retos fiscales y económicos de Puerto Rico.
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Testimony before the US Senate Finance Committee

What follows is Sergio Marxuach’s testimony before the United States’ Senate Finance Committee on Tuesday, September 29th, 2015. The Committee hearing addressed: “Financial and Economic Challenges in Puerto Rico”.
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6 cosas que hay que saber

En este documento el Centro para una Nueva Economía presenta 6 cosas que hay que saber sobre el Puerto Rico Fiscal and Economic Growth Plan preparado por el Grupo de Trabajo para la Recuperación Fiscal y Económica de Puerto Rico y el Commonwealth of Puerto Rico Liquidity Update preparado por la firma de consultores Conway MacKenzie.

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