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Puerto Rico Has 'Another Opportunity', Says David Skeel

Published Jul 30, 2026, 11:25 PM ASTvia El Nuevo Día

At a glance

  • Puerto Rico has completed one of the most complex municipal debt reorganizations in US history
  • The restructuring of the Autoridad de Energía Eléctrica (PREPA) will mark the end of Puerto Rico’s access to the Promesa restructuring vehicle
  • David Skeel’s book 'Promi$e Land' explores the fiscal mismanagement that led to the approval of Promesa and the lessons learned from the experience

Why this matters: The successful debt restructuring and lessons learned from the Promesa process are crucial for Puerto Rico’s economic future and its ability to manage its finances effectively, which directly impacts local households, businesses, and the island’s economy.

David Skeel, former president of the Junta de Supervisión Fiscal (JSF), stated that the federal Promesa law has provided Puerto Rico with a new opportunity after one of the most complex municipal debt reorganizations in US history. Skeel, who played a key role in modifying $70 billion in Puerto Rico bonds, said that once the restructuring of the Autoridad de Energía Eléctrica (PREPA) is completed, Puerto Rico’s access to the restructuring vehicle provided by Promesa will end.

He made these comments during a conversation with members of the Cámara de Comercio de Puerto Rico (CCPR) to discuss his new book 'Promi$e Land: The Inside Story of the Puerto Rico Debt Crisis’. CCPR President José Julio Aparicio described the book as a must-read for Puerto Rico’s business class, highlighting the need for greater economic freedom.

Skeel’s book explores the fiscal mismanagement in Puerto Rico that led to the approval of Promesa, the JSF’s restructuring process, and the lessons learned from the experience. He compared Puerto Rico’s public finance management to 'an adolescent with a credit card'.

In context (787daily, from public data)

SourceEl Nuevo DíaOriginal in Spanish · 787daily summarizes; the reporting is theirs · How we work · Report an error

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