A federal judge has approved Puerto Rico's exit from bankruptcy

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A federal judge has approved Puerto Rico's exit from bankruptcy¹

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Puerto Rico entered bankruptcy in 2016 after it stopped making payments on more than $70 billion of loans. The deal was struck with the island's creditors³, and opens the path to economic recovery.

A MARTINEZ, HOST:

A federal judge has approved a plan that will allow Puerto Rico to begin emerging from bankruptcy. The U.S. territory entered bankruptcy in 2017 after it stopped making payments on more than $70 billion of loans. The island's leaders say this new deal struck with the island's creditors opens the path for Puerto Rico's economic recovery. Here to tell us more, we're joined by NPR's Adrian Florido. Adrian, first off, this deal was approved by a federal judge yesterday. What's in the deal?

ADRIAN FLORIDO, BYLINE⁴: Well, it's a deal that's negotiated a huge discount on how much of its original debt Puerto Rico will have to repay. Natalie Jaresko, who leads the board that Congress appointed to negotiate this deal on Puerto Rico's behalf, called this a new day for the island.

(SOUNDBITE OF ARCHIVED RECORDING)

NATALIE JARESKO: This period of financial crisis is coming to an end, and the uncertainty⁵ that every Puerto Rican, every business on this island, felt for so long can now be turned into stability.

FLORIDO: This deal, A, resolves the biggest chunk⁶ of debt that Puerto Rico and its creditors were still fighting over - $30 billion. And there's some disagreement on this, but the government says it's getting an 80% discount on that $30 billion, which will free up a lot of money for public services.

MARTINEZ: That sounds like a very big discount. I mean, how are the island's leaders responding?

FLORIDO: Well, most of its elected leaders, including the governor, are calling this a good and necessary deal for Puerto Rico. The island's money problems have devastated⁷ the government's ability to provide basic services on the island in recent years, and the hope among the island's leaders is that this deal will slowly start to improve that picture, in part by getting Puerto Rico to a place where its credit is good enough to borrow money again.

MARTINEZ: Now, you say leaders hope this deal will improve the government's ability to provide basic services. Why just hope?

FLORIDO: Well, at least publicly, the island's leaders say that they are convinced that that will happen, but among many everyday Puerto Ricans, there is a lot of skepticism about this deal and, frankly⁸, a lot of anger.

MARTINEZ: Why?

FLORIDO: Well, first, because the board that negotiated this deal was appointed by Congress, not elected by Puerto Rico's people. Many people also believe that although Puerto Rico is getting a very big discount on this debt, it's not enough and that its payments are still going to be so big that it'll be driven to bankruptcy again. The judge who approved this deal yesterday said that is not going to happen, that this deal is sustainable. But this is Mercedes Martinez. She is the president of a teachers union that has fought this deal really fiercely.

MERCEDES MARTINEZ: The worst is just about to come when we see that we are not going to have budget for essential services in our country - for education, for health. Things are not going to get better; they're going to get worse now that this has been approved.

MARTINEZ: Adrian, are there very concrete ways we'll know that this deal will be affecting everyday Puerto Ricans?

FLORIDO: Yeah. You know, in some ways, this deal is penciling out on the backs of working Puerto Ricans. Take teachers, for example, who earn very little in Puerto Rico. They're no longer going to get guaranteed pensions going forward and instead have to start contributing to Social Security and 401(k)-style retirement⁹ plans. And retired¹⁰ teachers already receiving pensions, they're not going to get another cost-of-living adjustment for the rest of their lives. So those are just a couple of examples of the human costs of this bankruptcy.

MARTINEZ: That's NPR's Adrian Florido. Thanks a lot.

FLORIDO: Thank you, A.

1 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

2 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

3 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

4 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

5 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

6 chunk   

n.厚片，大块，相当大的部分（数量）

参考例句：

• They had to be careful of floating chunks of ice.他们必须当心大块浮冰。
• The company owns a chunk of farmland near Gatwick Airport.该公司拥有盖特威克机场周边的大片农田。

7 devastated   

v.彻底破坏( devastate的过去式和过去分词)；摧毁；毁灭；在感情上（精神上、财务上等）压垮adj.毁坏的；极为震惊的

参考例句：

• The bomb devastated much of the old part of the city. 这颗炸弹炸毁了旧城的一大片地方。
• His family is absolutely devastated. 他的一家感到极为震惊。

8 frankly   

adv.坦白地，直率地；坦率地说

参考例句：

• To speak frankly, I don't like the idea at all.老实说，我一点也不赞成这个主意。
• Frankly speaking, I'm not opposed to reform.坦率地说，我不反对改革。

9 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

10 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。