Pay raises for teachers, firefighters, corrections officers and other employees were included in a revised fiscal plan approved Thursday that will serve as Puerto Rico’s economic blueprint criticized by some as the island emerges from bankruptcy, the Associated Press reported. A federal control board that oversees the U.S.
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Puerto Rico can avoid budget deficits for the next quarter century because federal funds will help boost economic growth on the island as it exits bankruptcy, the commonwealth’s congressionally appointed financial oversight board said, Bloomberg News reported.
Over the past two years, every building but one that Margarita Gandia’s real-estate agency sold in Old San Juan went to a U.S. mainlander or a foreign buyer. Every purchaser cited Puerto Rico’s generous tax breaks as the reason for the move, Bloomberg News reported.
Puerto Rico received court approval to leave bankruptcy through the largest restructuring of U.S. municipal debt ever, ending years of conflict with creditors as the U.S. territory confronts other stubborn economic problems, WSJ Pro Bankruptcy reported.