Some big ones are: (a) whether the draft PROMESA legislation raises retroactivity issues that make it unfair to bondholders (including mutual funds and their investors) who may be subject to restructuring ex post without having had notice of that possibility ex ante; (b) relatedly, whether creating a bankruptcy - like restructuring process for Puerto Rico is bad for bondholders because it prevents holdout creditors from holding up restructuring negotiations, (c) how much oversight and sovereignty Puerto Rico should cede (for example, different stakeholders
feel differently
about the installation of an oversight board); (d) the extent to which
austerity measures are feasible and should be imposed [fn1], and (d) and what substantive reforms should be put enacted going forward.
One of tonight's rebels, former Shadow Chancellor Chris Leslie, said: «There's a growing number of Labour colleagues who
feel so strongly
about the threat of Brexit
austerity that they will - with regret - break the whip to defend the interests of their constituents.