U.S. Treasury Secretary Jack Lew said yesterday that it is "essential" that Puerto Rico be given access to a mechanism to restructure its debt, calling on Congress to "act quickly" to address the island's $70 billion debt crisis, Reuters reported.
Puerto Rico in Distress
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Puerto Rico will default on debt payments in January or May, Governor Alejandro Garcia Padilla said, as Congress failed to provide the Caribbean island with the help it was seeking to cope with an escalating debt crisis, Bloomberg News reported yesterday. The lapse will probably come on Jan. 1, when its next bond payments are due, Garcia Padilla said yesterday.
A top U.S. Senate Republican said that he will push for including aid to Puerto Rico in the $1.1 trillion spending bill that lawmakers are racing to approve this week, which would mark the first step by Congress to help the Caribbean island deal with an escalating debt crisis, Bloomberg News reported yesterday. Sen.
Less than 10 days before they plan to adjourn for the Christmas holiday, lawmakers in Congress remain divided over how to help Puerto Rico as the island rapidly runs out cash and inches closer toward the first major default on its bonds, Bloomberg News 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.