As governments in Greece and Puerto Rico grapple with heavy debts and struggling economies, there is a growing acceptance that restructuring of sovereign debt needs to be part of the solution, writes Greg Ip.
A House committee advanced legislation to address Puerto Rico’s debt crisis with solid bipartisan support, a strong sign the bill could now advance quickly through Congress ahead of a potential default by the territory on July 1.
A senior International Monetary Fund official said it can’t help Europe with fresh emergency financing for Greece because Athens’s creditors haven’t yet committed to detailed debt relief.
Most Americans reported their household finances mildly improved last year, but nearly half said they would struggle to cover a $400 expense in an emergency.
Indian Prime Minister Narendra Modi took on critics who accuse him of failing to pursue “big bang” measures to revamp his economy, saying he has set a path for accelerated growth that India’s states now need to help navigate.
