Puerto Rico Governor Ricardo Rossello said on Friday that he was "committed to establishing a working relationship" and fostering "open dialogue" with U.S. Treasury Secretary Steven Mnuchin, after the two met in Washington, D.C., Reuters reported. Rossello, who took office on Jan.
Puerto Rico in Distress
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Puerto Rico Governor Ricardo Rossello said that the government may need as long as five years to close a more than $7 billion budget shortfall, saying the deep spending cuts envisioned by the island’s federal overseers would deal a devastating blow to an already sputtering economy, Bloomberg News reported yesterday. Rossello’s comments signal a potential rift with the U.S.
Creditors of Puerto Rico's sales tax authority have asked a federal court to prevent the U.S. territory from diverting the revenue that guarantees its debt to repay other investors, Reuters reported yesterday. Crippled by high poverty and nearly insolvent public health and pension systems, Puerto Rico is trying to restructure $70 billion in debt to fend off economic catastrophe.
Puerto Rico Governor Ricardo Rossello faces a tough balancing act as he begins talks with creditors in a bid to reduce the territory’s $70 billion debt, Bloomberg News reported on Friday.
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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.