Puerto Rico legislative solution nears, House hearings due

By Megan Davies NEW YORK (Reuters) – A legislative solution for Puerto Rico may be edging closer as the debt-ridden U.S. territory will be the subject of two congressional hearings on Thursday, following which legislation to try and find a fix for the island is expected to be drawn up. Puerto Rico, with $70 billion debt, wants access to a bankruptcy-like mechanism to reduce debt – a view supported by President Barack Obama’s administration and some Congressional Democrats. There have been a series of hearings on Puerto Rico in recent months in both the U.S. House of Representatives and the Senate.

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