Puerto Rico's federally appointed financial oversight board said yesterday that it will investigate the U.S. commonwealth's debt "and its relationship to the fiscal crisis" which has left it with $72 billion in debt and a 45-percent poverty rate, Reuters reported yesterday.
Puerto Rico in Distress
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The Commonwealth of Puerto Rico and its official committee of retired employees of the Commonwealth of Puerto Rico’s filed with the U.S. Bankruptcy Court separate objections to the motion seeking appointment of additional committee of government employees and active pension plan participants or, in the alternative, reconstitution of the retiree committee, BankruptcyData.com reported today.
A group of hedge funds that hold about $3 billion of Puerto Rico sales-tax bonds released court documents showing how much of the commonwealth’s debt that each manages, Bloomberg reported yesterday. The disclosure is part of Puerto Rico’s record bankruptcy.