The independent investigation of Puerto Rico’s $74 billion debt crisis will be a comprehensive look at the borrowing that pushed the island into its record-setting bankruptcy, according to the executive director of the island’s federal oversight board, Bloomberg News reported yesterday.
Puerto Rico in Distress
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Some Puerto Rico general-obligations gained in value after a court ruled that the commonwealth’s transportation agency would retain toll revenue to cover operations instead of paying bondholders, Bloomberg News reported yesterday.
Puerto Ricans have ample experience with hurricanes, but the storm approaching yesterday brought an added level of anxiety. The island’s dire financial straits have left essential public works, from power plants to retaining walls, weakened by years of scrimping on maintenance, the New York Times reported today.
As Hurricane Irma, one of the most powerful Atlantic storms ever recorded, aimed for Puerto Rico and other islands throughout the Caribbean, residents scrambled yesterday to rush out of flood zones, stock up on the last available water, food and gas, shutter their homes and brace for what is now a Category 5 hurricane, the New York Times reported today.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.