A generous series of tax breaks enacted by Congress shielded the profits of U.S. corporations operating in Puerto Rico and helped transform the territory from a largely agrarian society to a manufacturing powerhouse, the Washington Post reported today. But what the federal government gave, it also took away.
Puerto Rico in Distress
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Leading House Republicans declared their opposition yesterday to allowing debt-ridden Puerto Rico access to chapter 9 bankruptcy protections, raising new uncertainty about how the island can emerge from its financial crisis, the Associated Press reported yesterday.
Franklin Advisers and OppenheimerFunds said they will work with Puerto Rico and its power authority, PREPA, on a revitalization plan after a U.S. appeals court on Monday affirmed a lower court decision to strike down a Puerto Rican legislation granting local municipalities the right to enter bankruptcy, Reuters reported yesterday.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.