A lawyer for Puerto Rico's financial oversight panel on Monday said the bankrupt island's highway authority could run out of cash if it continues to pay all its debt, and signaled big repayment cuts for the authority's creditors, Reuters reported yesterday.
Puerto Rico in Distress
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The bankruptcy of Puerto Rico, the culmination of years of economic decline, has accelerated an exodus of the population that’s adding to the island’s economic misery, Bloomberg News reported on Friday. The island has lost 2 percent of its people in each of the past three years. A comparable departure from the 50 states would mean 18 million people moving out since 2013.
Senior creditors of Puerto Rican debt backed by the island's sales tax revenues are seeking to depose government officials over what they see as conflicts of interest in how the U.S. territory manages its bond payments, Reuters reported yesterday. As Puerto Rico sorts its way through the biggest bankruptcy in U.S.
Puerto Rico Governor Ricardo Rosselló released a $9.6 billion spending plan that devotes about a fifth of the budget to covering government workers’ pensions because the island’s retirement funds are poised to run out of money as soon as July, Bloomberg News reported yesterday. It’s the U.S.