At first blush, the recent announcement that after months of high-level discussions, the Puerto Rico officials have proposed a huge raft of changes to address the commonwealth’s $72 billion debt burden may seem to solve the financial tsunami facing the island.
However, a more careful review of the proposal — and more importantly what is not covered by the proposal — demonstrates that there is a long way to go with many uncertainties before there may be the proverbial light at the end of the tunnel.
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