Puerto Rico Governor Ricardo Rosselló said the island has agreed to give the Federal Emergency Management Agency unprecedented power to oversee disaster-relief spending, a step that may mollify Congress as the territory seeks billions to recover from Hurricane Maria, Bloomberg News reported.
Puerto Rico in Distress
Video Features
ABI Analysis
The company that was hired and then fired under a $300 million deal to rebuild Puerto Rico’s power grid has resumed repairs on a critical power artery after receiving partial payment on an $83 million bill backlog, WSJ Pro Bankruptcy reported.
State and local governments pledge their full faith and credit to repay general obligation bonds, but politicians in Chicago and Connecticut realize their word is depreciating in value. Thus, they’re pitching a debt arbitrage to reduce their borrowing costs, according to a Wall Street Journal editorial.
The impact of Hurricane Maria on Puerto Rico’s already shattered finances is changing the financial landscape as creditors rethink strategies two months after the storm, with many slashing positions and others settling in for a long wait, according to a Reuters analysis.
Other Resources
This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.