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.
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.
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.