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Puerto Rico in Distress

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Over the past month, hedge funds and other investors dumped more than $2.5 billion of debt they received in Puerto Rico’s record restructuring, a sell-off that made the sales-tax-backed securities the most actively traded in the municipal-debt market, Bloomberg reported.
The executive director of Puerto Rico’s federally created financial oversight board said that a plan to restructure the U.S. commonwealth’s core government debt likely cannot be done by the end of April, Reuters reported. An attorney for the board told a U.S.

Across Puerto Rico, citizens are struggling as a projected $55 billion in aid arrives at a trickle and the White House falters in its support of rebuilding, Bloomberg News reported. This week, President Donald Trump promised “the A Plus treatment” for residents of tornado-torn Alabama, a state where he enjoys strong support.

A recent U.S. Appeals Court ruling that found Puerto Rico’s federally created fiscal oversight board was unconstitutionally appointed will be appealed to the Supreme Court, the board announced yesterday, Reuters reported. The board, which was authorized under a 2016 federal law known as PROMESA, also said that it is seeking to put on hold the 1st Circuit U.S.

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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.