Can Puerto Rico Escape Its Debt Crisis? (Brad W. Setser, James McBride, CFR)

On May 1, Puerto Rico defaulted on a $400 million debt payment. The missed obligation is "the first step toward what is expected to be an even bigger default this summer," says CFR Senior Fellow Brad Setser. If the U.S. Congress is unable to pass legislation to help Puerto Rico restructure its $73 billion debt, Setser says, lawsuits by creditors could further damage the island's finances and disrupt the provision of social services. Ultimately, he says, to recover from its recession and debt crisis, Puerto Rico needs reforms to boost its business climate, improve the quality of services, and change its relationship with the federal government so that the island is in some respects treated more like a state.

http://www.cfr.org/puerto-rico/can-puerto-rico-escape-its-debt-crisis/p37849

Global Climate Policy After Paris (Michael A. Levi, James McBride, CFR)

The Paris Agreement on climate change, accepted by 195 countries in December 2015, creates a new framework for reducing global greenhouse gas emissions in which each country sets its own voluntary targets, to be ratcheted up every five years. On April 22, 2016, the accord opens for signing at the UN headquarters in New York, but this is only the beginning of the process, says CFR Senior Fellow Michael Levi. "The Paris climate talks resolved some very important issues, but left some equally important ones to future summits," he says. At the same time, political volatility around the world, uncertainty over the legality of U.S. carbon regulations, and plunging oil prices have all complicated the climate picture.

http://www.cfr.org/global/global-climate-policy-after-paris/p37783

The Debate Over 'Brexit' (James McBride, CFR)

For decades, the United Kingdom has had an ambivalent and sometimes contentious relationship with the European Union. London has kept its distance from Brussels' authority by negotiating opt-outs from some of the EU's central policies, including the common euro currency and the border-free Schengen area. Even still, the EU's faltering response to recent crises has fueled a renewed euroskepticism. Advocates for a British exit, or "Brexit," from the union argue that by reclaiming its national sovereignty, the UK can better manage immigration, free itself from onerous regulations, and spark more dynamic growth.

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Brussels Bombings Threaten European Unity (Ian Lesser, James McBride, CFR)

Europe is on high alert after twin bombings in Brussels killed more than thirty people, bringing mass-casualty terror to the doorstep of the European Union's headquarters. The attacks, claimed by the self-declared Islamic State, came just days after the capture of Salah Abdeslam in Brussels, where the planner of the November 2015 Paris attacks had been hiding for months. The Belgian capital is at the center of European jihadism due to the large number of foreign fighters returning from Syria, says Ian Lesser of the German Marshall Fund. The bombings "have given ammunition to those in the populist right who want to close national borders," undermining European unity even as governments struggle to improve intelligence cooperation to avert future attacks, he says.

http://www.cfr.org/belgium/brussels-bombings-threaten-european-unity/p37680

(Istituto fondamentale - Global) Modernizing the U.S. Energy Grid (James McBride, Council on Foreign Relations)

http://www.cfr.org/united-states/modernizing-us-energy-grid/p36858