PREPA’s Chiaroscuro
The Royal Spanish Academy dictionary has four definitions for the word chiaroscuro (claroscuro). Two of these are particularly relevant to describe the reality of the Puerto Rico Electric Power Authority (PREPA), in general terms and the Restructuring Support Agreement (RSA) with a group of bondholders, in specific. According to the dictionary, chiaroscuro can refer to: (1) “the distribution of light and shade in a picture”; or (2) “a set of contradictory traits in a person, situation or thing.”