Political Quotes

“What the Senator said is absolutely right, and this is one of the critical elements of why a clear pathway to restructuring is so necessary, because if there is no clear pathway to restructuring and if there are no safeguards over the control board, the determination of how much that control board can say that you have to pursue in terms of payments towards creditors, the effort that they will consider sufficient in their sole discretion about whether they have made an appropriate, reasonable effort to deal with creditors could lead them to an enormous payment, and they are already using a third of every dollar in revenue they have to pay interest. So the whole purpose of this debate or the effort of the bill that is on the floor is to create a pathway to restructuring so that they don't have to come up with $17 billion--nearly 25 percent of all of their budget--in a way that would cripple the essential services for Puerto Rico. So, yes, it is a very legitimate concern. It is one of the reasons we need a clear pathway to restructuring. It is why we shouldn't have a control board with a supermajority vote necessary to achieve that and with arbitrary standards like ``in its sole discretion.''”