Puerto Rico in Distress
Video Features
ABI Analysis
Post Hurricane Maria, there is no capacity for Puerto Rico to make any debt payments in the coming decade, and the entire debt stock will need to be massively written-down to make the island’s recovery feasible, according to a commentary in the Washington Post. Before the hurricanes hit Puerto Rico, the situation was already dire.
A Puerto Rican official yesterday said that the overhaul of the U.S. tax system, if not amended, could devastate the bankrupt U.S. territory’s ability to collect desperately needed revenues, Reuters reported. Francisco Pares, an assistant secretary in Puerto Rico’s treasury department, said a major tax overhaul approved over the weekend by the U.S.
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.