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 $70 billion in Puerto Rico bonds, said that once the restructuring of the Autoridad de Energía Eléctrica (AEE) is completed, Puerto Rico's access to the restructuring vehicle provided by Promesa will end.
He made these comments during a conversation with members of the Cámara de Comercio de Puerto Rico (CCPR) to discuss his new book 'Promi$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'.