A federal control board that oversees Puerto Rico’s finances on Friday approved a $12.7 billion general fund budget that contains increases for teachers, judicial employees and the U.S. territory’s public university, the Associated Press reported. It is the largest budget approved in the island’s history.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico’s financial oversight board is considering slashing — by about half — the amount of new bonds it claims the island’s bankrupt power utility can repay, a potential offering that bondholders will most likely reject, Bloomberg News reported.
Puerto Rico’s financial oversight board is amending its plan to reduce $9 billion of Electric Power Authority debt to reflect steeper-than-expected declines in energy consumption, Bloomberg News reported.
Barely a year out of bankruptcy, Puerto Rico’s top officials are descending on Wall Street in an attempt to convince global investors that the Caribbean island — long battered by hurricanes and fiscal mismanagement — is open for business, Bloomberg News reported.
Other Resources
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.