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.
Puerto Rico in Distress
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Puerto Rico’s retirement system, on the brink of insolvency, is joining a lawsuit against UBS Group AG, faulting the company for poor investment returns on $3 billion it borrowed in an effort to bolster the pension, Bloomberg News reported yesterday. UBS underwrote bonds sold by the employees and judiciary retirement systems in 2008 and served as the investment consultant.
Puerto Rico's newly created federal oversight board, charged with helping the U.S. commonwealth navigate through a crushing $70 billion debt burden, announced it will hold its first meeting in New York City on Friday, Reuters reported. The seven-member board, created by the U.S.
Puerto Rico bonds have outperformed U.S. stocks, corporate debt and every other corner of the municipal-securities market since the Caribbean island’s financial crisis precipitated an unprecedented federal takeover, Bloomberg News reported today. Yet investors still don’t know how much of what they’re owed they’ll get back.
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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.