As a Puerto Rico agency veers toward a default as soon as Aug. 1, federal officials have echoed a refrain heard during recent state and local fiscal crises: Fix the problem on your own, Bloomberg reported today. President Barack Obama’s administration and the Federal Reserve have said it’s up to Congress to decide how to assist the island as it struggles with $72 billion of debt.
Puerto Rico in Distress
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Puerto Rico said one of its agencies didn’t provide funds needed to cover debt payments as the cash-strapped commonwealth reels from an escalating fiscal crisis, Bloomberg News reported yesterday. The Public Finance Corp.
Trump International Golf Club Puerto Rico filed for bankruptcy as Donald Trump, the billionaire real estate mogul who licensed his name to the property, makes a bid for the White House, Bloomberg News reported yesterday.
Puerto Rico’s finance team said yesterday at a meeting of its creditors that it had not yet determined how it would seek to revamp the island’s obligations, the New York Times DealBook blog reported today.
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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.