The Bond Buyer

How PROMESA Breaks from Muni Traditions on Collective Action

August 9, 2016

Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act, commonly known as PROMESA, in an effort to stop Puerto Rico from falling into insolvency without a path to financial stabilization. In an interview with The Bond Buyer, Jim Spiotto discussed PROMESA and the history of municipal financial distress in the United States.

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