Puerto Rico demonstrators battled police on San Juan’s streets as they marched against proposed cuts to retirement benefits and looser labor laws as the bankrupt island seeks to reduce $74 billion of debt, Bloomberg News reported.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico will receive nearly $600 million in emergency federal assistance to help the island’s schools recover from Hurricane Maria, the U.S. Department of Education announced today, the Orlando Sentinel reported.
Puerto Rico’s federal oversight board approved a five-year strategy for the U.S. territory’s financial rehabilitation, all but ensuring a confrontation with Gov. Ricardo Rosselló over new austerity measures, WSJ Pro Bankruptcy reported.
Puerto Rico Governor Ricardo Rosselló said yesterday that he would not implement pension cuts and changes to employment rules sought by the bankrupt U.S. territory’s oversight board, Reuters reported. “We will not propose any bill that reduces vacation and/or sick leave,” Rosselló said, adding that it was “wrong and immoral to reduce the benefits” of public worker pensions.
Other Resources
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.