Puerto Rico took steps yesterday toward a unilateral moratorium on all government debt payments, rejecting efforts in Washington to allow it to restructure only under close federal supervision, the New York Times reported today. The Puerto Rican Senate authorized a declaration of emergency and a debt moratorium at around 3 a.m., after hours of debate.
Puerto Rico in Distress
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Hedge funds holding debt in Puerto Rico’s Government Development Bank sued to stop the island’s key fiscal entity from making payments to local government agencies as it faces a growing cash shortage and the prospect of insolvency, Bloomberg News reported yesterday.
Assured Guaranty Ltd. is seeking financial information from Puerto Rico, and is looking to Washington, D.C., for help, Bloomberg News reported yesterday.
ABI Resident Scholar Prof. Melissa Jacoby speaks with Prof.
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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.