Daily News | Can states go bankrupt? Here’s how Puerto Rico did, with a Penn Law prof’s guidance.
Skeel recently answered questions about the plan. This interview is edited for clarity and brevity.
I’ve been a big advocate of bankruptcy for states. This has been sobering. It took a long time. This has given me a better sense of how complicated the balance sheet is for a public entity that has a very complicated set of constituencies for whom it is providing goods and services. Retirees and beneficiaries have no cuts at all, Gov. [Pedro] Pierluisi insisted on that. There was a freeze on pension cost-of-living increases.
We made a deal with the American Federation of Teachers, but the locals voted down the plan. It went to court. [On April 26, the First Circuit Court of Appeals ruled for the board.] And it turned out there was more cash than some of us had expected because Puerto Rico hadn’t been paying debt for five years, and the tax money and the federal disaster money started accumulating.
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