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Forgive Us Our Debts, with David Skeel
Good Faith
Restructuring Puerto Rico's Debt
Puerto Rico's debt was reduced from $35 billion more or less to $7 billion. Creditors got a contingent value instrument that will pay the creditors more if Puerto Rico's economy outperforms. The pension promises were $55 billion unfunded shifting that to a 401k kind of approach would be sustainable going forward.
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