Eric LeCompte, Executive Director of Jubilee USA was recently highlighted in The Bond Buyer speaking on emergency relief funds, the bankruptcy process and recovery efforts in Puerto Rico. Read excerpt below and follow link to full article.
Puerto Rico Bond Holders May Have to Wait More Than Two Years
By Robert Slavin
Some observers, including Jubilee USA Network executive director Eric LeCompte and Council on Foreign Relation Senior Fellow Brad Setser, said the bankruptcy’s progress was reasonable considering the impact of Hurricanes Irma and Maria.
PROMESA “gave Puerto Rico some breathing space by allowing for a debt payment moratorium and preventing creditor litigation," LeCompte said. "PROMESA allowed Puerto Rico to default and made it disadvantageous for new predatory creditors to buy the debt. Finally, the legislation created a super bankruptcy process that is capable of restructuring all of Puerto Rico’s debt.”
LeCompte said PROMESA is the “first comprehensive debt restructuring process since the 1953 London Accord that restructured all of Germany’s debt.” He explained that by this he meant that it was the first time since the London Accord that both state-level and local government level debt was simultaneously restructured.
Read more here.