Puerto Rico's federally appointed fiscal oversight board yesterday rejected a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress, Reuters reported. The board told Rossello in a letter that his plan to put the U.S.
Puerto Rico in Distress
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The teachers’ pension fund in Puerto Rico looks very much like a legalized Ponzi scheme — one that might hold a warning for teachers across America, according to a commentary on the New York Times DealBook Blog yesterday.
Puerto Rico's government yesterday announced measures to preserve liquidity as it combats a $70 billion debt crisis, saying it would freeze some special appropriations to boost general fund coffers by more than $625 million, Reuters reported.
Puerto Rico's blueprint for escaping its fiscal crisis paints a rosier picture of its economic future than an earlier forecast by the federal board overseeing the U.S. territory's finances, but still presages big haircuts for creditors, Reuters reported yesterday.
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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.