Puerto Rico’s population loss accelerated last year, a troubling sign for an island facing a severe fiscal crisis and a recession entering its 10th year, the Wall Street Journal reported today. The island’s governor said last week that the U.S. territory would make most of roughly $1 billion in debt payments due Jan. 1, largely as it borrows from reserve accounts.
Puerto Rico in Distress
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Puerto Rico will default on a portion of the nearly $1 billion in debt obligations due to its bondholders on Jan. 4, CNBC.com reported yesterday. Top officials for the commonwealth have confirmed that it will not be able to make two out of the 13 total payments due Monday to bondholders.
Running out of both time and money, debt-ridden Puerto Rico appears headed for default on at least some of the roughly $1 billion in bond payments that are due on Jan. 1, the New York Times reported today.
The United States is backtracking from its historic position acknowledging Puerto Rico's right to self-governance, Puerto Rico's governor says in a pending U.S. Supreme Court case over double jeopardy laws, 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.