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US Supreme Court Rejects Puerto Rico Debt Restructuring Law

The U.S. Supreme Court on Monday refused to allow Puerto Rico to restructure its debt, leaving the U.S. territory at risk of a default unless Congress can pass debt relief legislation. The court ruled 5-2 that federal bankruptcy law does not allow Puerto Rico to enact its own legislation, over creditor objections, to cut billions of dollars in debt. Puerto Rico, which is facing $70 billion in public debt, passed a law in 2014 that would have restructured the debt of its financially...

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