Democrats to demand restructuring mechanism for Puerto Rico: letter

Senate Majority Leader McConnell addresses media during event on Capitol Hill in WashingtonBy Nick Brown and Richard Cowan SAN JUAN/WASHINGTON (Reuters) – Democratic U.S. senators have drafted a letter to Republican Senate Majority Leader Mitch McConnell insisting legislation designed to solve Puerto Rico’s debt crisis should include a mechanism for the island to restructure its debt, according to a draft of the letter seen by Reuters. The move is a challenge to Republicans pushing bills in Congress to bring Puerto Rico’s finances under federal oversight, who are generally opposed to letting the U.S. commonwealth restructure its debt. Democrats have argued that any such oversight should be conditional on allowing Puerto Rico to be governed by federal bankruptcy or debt restructuring laws.

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