How Argentina’s Debt Resolution Process is a Model for Addressing Puerto Rico’s Debt Issues

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By Donald L. Swanson 

Let’s start by acknowledging that Argentina’s road from a $100 billion debt default in 2002 to a final mediated resolution in 2016 has been long and complex and difficult.  The road began during an economic crisis, reached partial resolutions in 2005 and 2010, and achieved a final mediated-resolution in 2016.

During that time multiple lawsuits were filed against Argentia in the U.S. District Court for the Southern District of New York by its creditors, and Judge Thomas P. Griesa of that Court took an active role in addressing the default problems.

On June 23, 2014, Judge Griesa appointed New York trial attorney, Daniel A. Pollack, as mediator in the Argentina cases.  And the subsequent mediation process ultimately achieved the final resolution in 2016. Continue reading “How Argentina’s Debt Resolution Process is a Model for Addressing Puerto Rico’s Debt Issues”