Puerto Rico's governor said yesterday that he has proposed to the U.S. territory's fiscal oversight board a timeline to present the board with a financial turnaround plan in two weeks, Reuters reported. Governor Alejandro García Padilla announced the timeline as part of a televised address, ahead of the oversight board's first meeting, scheduled for today in New York. The oversight board was appointed by U.S. lawmakers and President Barack Obama to manage Puerto Rico's finances and help stabilize an economy suffering from a decade-long recession, $70 billion in total debt and a poverty rate of 45 percent. Under the federal law that created the board, the island's governor is tasked with presenting a financial turnaround plan, which the board must revise and approve. Read more.
Click here to view the agenda of the Puerto Rico Oversight Board meeting scheduled for today.
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.