Puerto Rico’s Government Development Bank, operating under a state of emergency to preserve cash, is about halfway toward reaching a forbearance agreement with creditors, Jesus Manuel Ortiz, a spokesman for Governor Alejandro Garcia Padilla, Bloomberg News reported on Saturday.
Puerto Rico in Distress
Video Features
ABI Analysis
House of Representatives Speaker Paul Ryan (R) said yesterday that very good progress was being made on a bill to help Puerto Rico tackle its $70 billion debt, but gave no timetable on when the legislation would be advanced, Reuters reported. "They're working with the Treasury on technical details on how restructuring works right now. I think they're making very good progress," said Ryan.
Top Republican and Democratic House leadership staff are gathering with policy aides and Treasury Department officials to talk over next steps on the stalled Puerto Rico rescue bill, Politico reported today.
The peak of Puerto Rico’s mountain of debt is obscured in the clouds of unaudited financial statements, but what we can see looks nearly impossible to scale, according to a commentary today by Rep. Bruce Westerman (R-Ark.) in the Washington Post.