Hundreds of people marched in Puerto Rico's capital San Juan to demand that the island's government cancel its contract with power grid operator LUMA Energy over chronic power outages and frequent rate hikes, Reuters reported.
Puerto Rico in Distress
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Customers of the Puerto Rico Electric Power Authority (PREPA) are now paying 33.4 cents/kWh for electricity — nearly double the rate they paid just two years ago, Utility Dive reported.
The federal control board that oversees the finances of Puerto Rico’s government approved a $12.4 billion general fund budget on Thursday for the U.S. territory after legislators failed to approve one amid intense bickering, the Associated Press reported. The board’s version of the budget was rejected last month by Gov. Pedro Pierluisi because it reduced government spending by $100 million.
Authorities announced Thursday they have suspended the operations of Puerto Rico-based Euro Pacific International Bank, which officials previously said was under suspicion of facilitating money laundering and offshore tax evasion, the Associated Press reported. The bank was founded by Peter Schiff, a U.S.
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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.