In the News Puerto Rican bankruptcy: better late than never
Alex Pollock, a former colleague of mine, never tires of repeating his dictum that if a debt cannot be repaid, it will not be repaid. Wednesday’s application by Puerto Rican Governor Ricardo Rossello for bankruptcy protection for the island under the provisions of the PROMESA Act underlines how true Pollock’s debt dictum has proved to be in the case of the heavily over-indebted Puerto Rican economy.
