Law professors help Puerto Rico address debt, aim to alleviate financial pressures – Daily Bruin
Two UCLA law professors helped broker a deal that will bring financial relief to Puerto Rico.
Law professors Kenneth Klee and Daniel Bussel have been working on restructuring Puerto Ricos debt since 2017 and finalized the deal in February. Puerto Rico had accumulated $72 billion in aggregate debt as of 2016, Bussel said.
Klee said Puerto Ricos poor economic condition is a product of the islands history as a territory of the United States.
During the 1960s and 1970s, various industries set up operations in Puerto Rico due to U.S. tax incentives, Klee said. However, former President Bill Clintons administration later repealed these incentives, which led these businesses to migrate out of Puerto Rico.
As a result, Puerto Rico had to find w…