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Puerto Rico's Financial Future Now in the Hands of a Single Judge Overseeing Massive Bankruptcy

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http://democracynow.org - Puerto Rico has announced plans to close 179 public schools just days after filing for a form of bankruptcy protection, seeking to restructure $123 billion in debt and pension obligations, in the largest local government insolvency in U.S. history. The move is likely to slash money for healthcare, pensions and infrastructure. The territory petitioned for relief under Title III of the PROMESA law, which recognizes that Puerto Rico is not part of any state and must in some ways be treated as sovereign. Puerto Rico is legally barred from using Chapter 9, the bankruptcy route normally taken by insolvent local governments.Democracy Now! is an independent global news hour that airs weekdays on nearly 1,400 TV and radio stations Monday through Friday. Watch our livestream 8-9AM ET: http://democracynow.orgPlease consider supporting independent media by making a donation to Democracy Now! today: http://democracynow.org/donateFOLLOW DEMOCRACY NOW! ONLINE:Facebook: http://facebook.com/democracynow Twitter: https://twitter.com/democracynowYouTube: http://youtube.com/democracynow SoundCloud: http://soundcloud.com/democracynow Daily Email: http://democracynow.org/subscribe Google+: https://plus.google.com/+DemocracyNowInstagram: http://instagram.com/democracynowTumblr: http://democracynow.tumblr.comPinterest: http://pinterest.com/democracynowiTunes: https://itunes.apple.com/podcast/demo... TuneIn: http://tunein.com/radio/Democracy-Now...Stitcher Radio: http://www.stitcher.com/podcast/democ...

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Democracy Now Amy Goodman DN News democracynow.org Independent Media Daily News Breaking News World News Interview Puerto Rico bankruptcy protection debt pension Juan Gonzalez healthcare infrastructure public school territory PROMESA control board Chapter Nine insolvency bankruptcy spending Medicaid Ricardo Rossello expenditure Alejandro García Padilla Obama bond pension fund Affordable Care Act austerity Laura Taylor Swain creditor colonial
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