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Puerto Rico Debt Law Could Apply to US Virgin Islands

Jubilee USA

A US law passed to address Puerto Rico’s debt crisis could apply retroactively to the US Virgin Islands, another heavily indebted US territory. The US Virgin Islands has higher debt-per-person levels than Puerto Rico and ratings agencies downgraded its debt to “junk” status in December. The Puerto Rico Oversight, Management and Economic Stability Act became law in June and includes language allowing the government of the US Virgin Islands to opt into the law.

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