Puerto Rico's Government Development Bank is meeting in New York with advisers of some of the finance firms that own Puerto Rico's debt. The Bank says it will present a proposed plan to comprehensively resolve the island's debt crisis. A December 1 deadline looms for Puerto Rico to make a $355 million debt payment or enter a partial default. The US territory owes $72 billion in debt.
"It's important to find a solution that can deal with Puerto Rico's total debt," said Eric LeCompte, Executive Director of the religious development coalition Jubilee USA Network. "Puerto Rico's people face a humanitarian crisis. Puerto Rico's government and bond holders have the ability to work out a voluntary solution that protects Puerto Rico's people."