Puerto Rico Debt Crisis: A Timeline


May 23 - Reverend Heriberto Martínez writes about Puerto Rico's crises and bankruptcy process. 

May 17 - Puerto Rico's title III bankruptcy process begins. Follow @Eric_LeCompte and check out his live tweets from the proceeding. Read more on CBC. San Juan's Catholic Archbishop and Evangelical Bible Society head write letter to the presiding Judge.

May 12 - Eric LeCompte speaks at the Puerto Rico Diaspora Summit. Read about it in El Nuevo Dia and the CBC

May 7 - Eric LeCompte releases an update after winning a process to deal with 100% of Puerto Rico's Debt.

May 4 - Puerto Rico's religious leaders release a bankruptcy statement. Jubilee's views are featured in Value WalkDaily MailNPRYahoo News/AFPThe Guardian.

May 3 - Puerto Rico's oversight board initiated the Title III bankruptcy process.

May 2 - Eric LeCompte speaks to Congress on Puerto Rico's humanitarian crisis. You can watch the forum, read Eric's remarks or see event details.

May 1 - Puerto Rico secures $295 million in Medicaid fundingCreditors are stopped from taking away Puerto Rico's bankruptcy process. 

Apr 27 - Jubilee USA calls on Congress to protect Title III for Puerto Rico. Puerto Rico oversight board meets as bankruptcy deadline approaches.

Apr 25 - Puerto Rico religious leaders call for bankruptcy ahead of "vulture fund" deadline.

Apr 14 - Puerto Rico oversight board mediates last-ditch debt negotiations; Archbishop calls for debt cuts.

Apr 6 - Puerto Rico’s electric company and bondholders agree on a debt deal

Mar 31 - Eric LeCompte meets with Puerto Rico's Governor, Congresswoman and religious leaders. The Puerto Rico Oversight Board discusses economic growth proposals for the island.

Mar 24 - The House rejects an important amendment that would extend Medicaid funding to the citizens of Puerto Rico.

Mar 22 - Religious leaders encourage Congress to expand health care funding for the citizens of Puerto Rico. 

Mar 14 - Religious leaders urge Congress to act on Puerto Rico’s debt crisis

Mar 13 - Puerto Rico Oversight Board accepts Governor Rossello’s revised fiscal plan.

Mar 9 - The federal Puerto Rico Oversight board rejects the Governor's fiscal plan. He has until March 11 to submit a revised plan.

Mar 8 - The federal Puerto Rico oversight board warns that the island can't pay vital services. 

Mar 1 - Puerto Rico's Governor releases a new fiscal plan to balance the island's budget. He also requests continued protection for the territory from debt lawsuits.

Jan 28 – The Financial Oversight and Management Board of Puerto Rico meets as the island's financial crisis deepens. 

Jan 2 - Puerto Rico governor says the island does not have funds to pay employees in February.


Dec 21 - The Congressional Task Force on Economic Growth in Puerto Rico releases its final report. The Financial Oversight and Management Board of Puerto Rico announces debt restructuring talks.

Nov 18 - Jubilee Executive Director Eric LeCompte addresses the Puerto Rico oversight board and urges debt restructuring that reduces poverty and grows Puerto Rico's economy. Read Eric LeCompte's speech.

Nov 18 - Jubilee Executive Director Eric LeCompte addresses the Puerto Rico oversight board and urges debt restructuring that reduces poverty and grows Puerto Rico's economy. Read Eric LeCompte's speech.

Oct 14 - Puerto Rico's governor files a fiscal plan with the oversight board.

Oct 3 - A Puerto Rico government commission raises concerns over alleged illegalities and accounting issues in $673 million of bonds issued in 2013.

Sept 30 - The Puerto Rico oversight board meets for the first time.

Sept 2 - Jubilee USA and religious leaders in Puerto Rico submit suggestions to the Congressional Task Force on Growth.

Aug 31 - President Obama announces selections for the Puerto Rico oversight board.

Aug 18 - Business and advocacy groups sue to stop rate hikes connected to a debt deal at Puerto Rico's electric utility (PREPA).

Aug 12 - The US declares a public health emergency in Puerto Rico due to the Zika virus.

July 26 - The membership of the congressional task force on Puerto Rico's economic growth created by new Puerto Rico debt legislation is announced.

July 1 - Puerto Rico defaults on roughly $2 billion in debt payments due.

June 29 - The US Senate votes 68-30 to pass Puerto Rico debt crisis legislation and send the bill to President Obama for his signature.

June 29 - The Senate votes to advance Puerto Rico debt crisis legislation for a final vote.

June 28 - The US Conference of Catholic BishopsCatholic Charities and Jubilee USA write letters to the Senate urging passage of PROMESA.

June 27 - US Senate faces Puerto Rico vote before July 1 deadline.

June 21 - Owners of Puerto Rico government's debt file suit to undo an April debt moratorium law.

June 20 - Puerto Rico's religious leaders release a statement on the status of debt talks between the US territory's Governor and creditors.

June 16 - Religious leaders from Puerto Rico and across the United States meet with senators to urge their support for legislation to restructure the island's debt.

June 13 - The United States Supreme Court upheld a decision that prevents Puerto Rico's courts from restructuring some of its debt. 

June 9 - The House of Representatives passes PROMESA 297-127. The bill proceeds to the Senate.

June 8 - Jubilee USA, the United Church of Christ and Catholic Charities endorse PROMESA and an amendment to address child poverty on the island.

June 7 - San Juan Archbishop Roberto González Nieves publishes an op-ed on Puerto Rico's debt crisis and the island's political status.

May 25 - The House Committee on Natural Resources votes 29-10 to approve Puerto Rico debt legislation and send it to the full House of Representatives.

May 24 - House Committee on Natural Resources begins markup on the new version of PROMESA. 

May 18 - A new version of PROMESA is introduced in Congress.

May 2 - Puerto Rico is set to default on most of $422 million in debt payments due. Catholic Charities USA and the US Conference of Catholic Bishops write separate letters to Congress urging action on the crisis. 

Apr 27 - Jubilee organizes thousands of calls to Congress to urge action on Puerto Rico's debt crisis.

Apr 19 - A new report indicates Puerto Rico's child poverty rate is worse than previously feared.new reports indicate that the island's child poverty rate is worse than previously feared.

Apr 15 - House Republicans meet to discuss Puerto Rico legislation.

Apr 14 - Jubilee USA sends a letter to Congress with analysis and recommendations on PROMESA.

Apr 13 - The US House of Representatives holds a hearing on PROMESA and Jubilee USA submits testimony.

Apr 12 - Representative Sean Duffy introduces a new bill to address Puerto Rico's debt crisis, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). 

Apr 9 - Governor Alejandro García Padilla declares a state of emergency at the Government Development Bank of Puerto Rico.

Apr 8 - Puerto Rico Archbishop prays for Congress, debt relief and children.

Apr 6 - The House Committee on Natural Resources is poised to release the newest draft of Puerto Rico legislation amid tense negotiations. Governor Padilla signs a bill giving him the power to declare a moratorium on debt payments to pay for essential government services.

Mar 29 - The House Committee on Natural Resources releases draft legislation to address Puerto Rico's debt crisis.

Mar 28 - Some of Puerto Rico's largest creditors meet privately to devise a debt restructuring plan.

Mar 22 - The Supreme Court hears arguments on whether Puerto Rico can restructure its debt through its own court system.

Mar 17 - Puerto Rico's Governor says Congress should protect the territory from debt litigationuntil proposed Congressional solutions to its serious debt crisis are in place.

Mar 11 - Jubilee USA's Puerto Rico radio spots launch in Spanish in Florida.

Mar 4 - Jubilee USA launches its Puerto Rico radio spots in the critical presidential primary state of Florida after debuting the ads in Texas.

Feb 25 - Witnesses at two concurrent congressional hearings urge congressional action on Puerto Rico's debt crisis.

Feb 16 - The Government Development Bank of Puerto Rico releases draft financial statements for 2014, showing serious liquidity and solvency concerns.

Feb 15 - Puerto Rico's House of Representatives passes reforms for its power utility, PREPA, that were required for a debt deal.

Feb 10 - A group of bond holders make a counter offer to Puerto Rico's original restructuring proposal.

Feb 2 - The House Committee on Natural Resources holds a hearing on Puerto Rico's debt crisis. Witnesses include Jubilee USA Executive Director Eric LeCompte, former Washington D.C. Mayor Anthony Williams and Professor Simon Johnson.

Feb 1 - Puerto Rico proposes voluntary debt consolidation in a "superbond" to cut the total amount of debt it owes and ease loan payments.

Jan 29 – The Government Development Bank (GDB) of Puerto Rico meets in New York with investors to renegotiate its public debt.

Jan 27 - 46 Senators call for swift congressional action to give Puerto Rico restructuring authority.

Jan 21 - Puerto Rico cuts services as budget gap grows.

Jan 19 - Treasury Secretary Jack Lew visits Puerto Rico and calls on Congress to take action to relieve its crisis.

Jan 18 - The financing gap for Puerto Rico widens from $14 billion to $16.1 billion over the next ten years.

Jan 1 - Puerto Rico defaults on $37 million of its roughly $1 billion of debt payments


Dec 18 - Congress passes an "omnibus" spending bill which includes provisions for Puerto Rico to receive technical financial help from the Treasury Department.

Dec 16 - Bankruptcy provisions for Puerto Rico are noticeably absent from the "omnibus" spending deal.

Dec 9 - Republican Congressman Sean Duffy introduces a bill granting Puerto Rico access to the same bankruptcy protection available to US cities and states.

Dec 8 -  At the United Nations, San Juan's Archbishop, Roberto González Nieves, calls on "vulture funds" to "come to the table" and negotiate a "comprehensive" solution to the island's debt crisis.

Dec 4 - The Supreme Court agrees to review Puerto Rico's appeal of a US district court decision invalidating a Puerto Rico law allowing the island's public entities to restructure debt.

Dec 1 - Puerto Rico avoids default on a $354 million debt payment. The island's Governor announces it will redirect revenue designated for future debt payments to pay for government services. The US Conference of Catholic Bishops writes a letter to Congress asking for it to extend Chapter 9 bankruptcy protection to Puerto Rico.

Nov 30 - Puerto Rico faces a December 1 deadline to make a $354 million debt payment to avoid a potential default.

Nov 29 - The Senate Judiciary committee will hold a December 1 hearing on Puerto Rico's debt crisis. The committee is expected to discuss the Obama Administration's bankruptcy, tax and health care reform proposals and could also consider a Republican-led proposal that is not yet public.

Nov 19 - Puerto Rico's Government Development Bank announces it will present a plan to advisers of firms that own Puerto Rico's debt at a meeting in New York. 

Nov 17 - Puerto Rico's legislature passes a bill that creates a new fiscal oversight board under the leadership of the island's Governor.

Oct 21 - The Obama administration announces proposals to resolve Puerto Rico's debt crisis, including broad bankruptcy protection and tax and health care reforms.

Oct 14 - The Wall Street Journal reports that the US Treasury is considering intervening in Puerto Rico's fiscal crisis. Treasury denies the reports.

Sep 30 - Puerto Rico's Archbishop and the General Secretary of its Bible Society meet with lawmakers and White House Chief of Staff Denis McDonough in Washington to advance their proposed solutions to the island's debt crisis.

Sep 9 - Puerto Rico's Governor Alejandro García Padilla releases a debt restructuring and economic reform proposal.

Sep 2 - Puerto Rico's troubled public utility company and its creditors agree to restructure $5.7 billion in debt, reducing debt and delaying payments in exchange for stronger assurances of repayment.

Aug 31 - Puerto Rico's religious leaders call for the US Federal Reserve to intervene in the island's economic crisis if Congress doesn't pass bankruptcy protection. The leaders released a statement calling for debt relief, increased budget transparency and curbs on austerity and predatory financial activity.

Aug 29 - Puerto Rico's government announces it needs until September 8th to release its debt restructuring plan.

July 26 - A group of economists led by former International Monetary Fund official Claudio Loser releases a report commissioned by a group of hedge funds arguing Puerto Rico can resolve its debt crisis without defaulting. The report urges the island's government to adopt austerity measures, including laying off teachers.

July 16 - In an oped in TIME Magazine, Puerto Rico's Catholic Archbishop Roberto González Nieves calls on Congress to grant Puerto Rico access to US municipal bankruptcy protection.

July 15 - US Senators Charles Schumer (D-NY) and Richard Blumenthal (D-CT), along with ten other co-sponsors, introduce the Puerto Rico Chapter 9 Uniformity Act in the US Senate. The bill, S. 1774, would give Puerto Rico's public entities access to US municipal bankruptcy protection.

July 6 - The Los Angeles Times reports on Puerto Rico's citizens leaving the island to search for economic opportunities on the US mainland. Tens of thousands of Puerto Rico's people leave the island each year.

July 1 - Puerto Rico's public utility, the Puerto Rico Electric Power Authority (PREPA) reaches a deal with its creditors to avoid default.

June 30 - Economists call for Puerto Rico to be granted bankruptcy protection.

June 29 - Puerto Rican Governor Alejandro García Padilla declares the island's debt "unpayable" and pledges to release a debt restructuring plan by August 30th. Standard and Poor's cuts Puerto Rico's debt to "CCC Minus" in anticipation of a potential default.

June 29 - Former World Bank Chief Economist Anne Krueger releases a report, commissioned by the Puerto Rico government, laying out proposals for resolving the island's economic crisis.

Feb 6 - A US District Judge strikes down Puerto Rico's "Recovery Act,"aimed at allowing Puerto Rico's public entities to restructure their debts, saying the act violates US bankruptcy law.


July 31 - Puerto Rico's non-voting Congressional representative, Pedro Pierluisi, introduces HR 870, the Puerto Rico Chapter 9 Uniformity Act, to give Puerto Rico's public entities access to US municipal bankruptcy protection.

July 15 - A group of hedge funds invested in Puerto Rico's public entities form an "ad hoc group" to protect their investments.

June 28 - Puerto Rico passes the "Recovery Act" to allow its public entities to restructure their debts.

Feb 11 - Three ratings agencies downgrade Puerto Rico's bonds to "junk" status."