Democrats to demand restructuring mechanism for Puerto Rico: letter

Reuters News
Posted: Jan 22, 2016 1:40 PM

(Reuters) - Democratic U.S. senators have drafted a letter to Republican Senate Majority Leader Mitch McConnell insisting legislation aimed at solving Puerto Rico's debt crisis include a mechanism for the island to restructure debt, according to a draft of the letter seen by Reuters.

A democratic Capitol Hill source said the letter was slated to be made public on Tuesday, but added that the timing could change.

Congressional Republicans have pushed bills to bring Puerto Rico's finances under federal oversight, while Democrats have said such oversight should be conditioned on allowing the U.S. commonwealth access to a bankruptcy or debt restructuring law.

(Reporting by Nick Brown and Richard Cowan)