Puerto Rico’s governor said yesterday that he would submit a revised fiscal turnaround plan on Thursday to the island’s federally appointed oversight board, but the plan would not include labor reforms and pension cuts the board demanded, Reuters reported.
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The chairman of the U.S. House Committee on Natural Resources censured Puerto Rico’s federally-appointed oversight board yesterday over delays in the island’s debt restructuring, the latest sign of discord over how to fix the bankrupt, storm-ravaged U.S. territory, Reuters reported. In a letter to the board, which was created by U.S. Congress in 2016 to manage Puerto Rico’s finances, Rep.
Puerto Rico’s governor yesterday withdrew his labor reform proposal after the island’s oversight board demanded additional measures, deepening a divide in the parties’ efforts to reach a consensual turnaround plan for the bankrupt, storm-ravaged island, Reuters reported.
Puerto Rico’s benchmark bond surged to a 25-week high yesterday, its busiest trading day since October, after the bankrupt U.S. territory nearly doubled its projected five-year surplus to $6 billion as it recovers from Hurricane Maria, Reuters reported.
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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.