Puerto Rico Governor Ricardo Rossello on Friday criticized a set of recommendations by the federal board in charge of managing the U.S. territory's finances, signaling a potential power struggle between the government and the board on how to pull the island out of economic crisis, Reuters reported.
Puerto Rico in Distress
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Puerto Rico's federal oversight board said on Wednesday that it was willing to extend key deadlines that would give the debt-laden U.S. territory's government more time to negotiate restructuring deals with holders of its roughly $70 billion in bonds, Reuters reported.
The secretaries of the U.S. Treasury and Health and Human Services called for fast congressional action to help Puerto Rico out of its economic mess, and said a bipartisan task force report failed to go far enough on recommending a low-income tax credit for the commonwealth, Reuters reported yesterday. In a letter to U.S.
Puerto Rico’s general obligation bonds — a debt instrument of the local government — have been trading up by a couple of percentage points, to about 67 cents on the dollar, according to a commentary in the Financial Times on Saturday.
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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.