The closing of 167 public schools in Puerto Rico a year ago seemed drastic, a painful casualty of a deep and prolonged debt crisis. Then came Hurricane Maria, and now Puerto Rico plans to shutter another 265 schools, an even harsher measure following a calamitous natural disaster that exacerbated the island’s financial woes, the New York Times reported.
Puerto Rico in Distress
Video Features
ABI Analysis
ABI Executive Director Sam Gerdano talks with Prof. Andrew Wolfe of American University's School of International Service about Puerto Rico's latest fiscal developments. Wolfe is currently an advisor to the government of Puerto Rico since retiring in June 2014 from the International Monetary Fund after 27 years, where he was a senior manager of the Western Hemisphere Department.
Bond insurer Assured Guaranty sued Puerto Rico and its federally-appointed oversight board yesterday, saying their plan to resuscitate the storm-ravaged, bankrupt U.S. territory violates the U.S. Constitution by stripping creditors of property rights, Reuters reported.
Puerto Rico and its federally appointed oversight board have reached a deal to avoid litigation over much-needed economic overhauls in the bankrupt U.S. territory, Reuters reported.
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.