Puerto Rico’s Government Development Bank, which served as the island’s financial adviser and lender before being placed in a state of emergency, failed to pay investors $9.9 million of interest due Sept. 1., according to a regulatory filing, Bloomberg News reported yesterday.
Puerto Rico in Distress
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The White House said yesterday that it had chosen seven experts in finance and the law to supervise Puerto Rico’s fiscal affairs in the coming months under a law enacted this summer intended to help the island restructure its $72 billion debt, the New York Times reported today.
Two Obama cabinet officials on Friday said an extension of the Earned Income Tax Credit (EITC) to Puerto Rico is one of the most surefire ways to help the island emerge from its fiscal crisis, MorningConsult.com reported on Friday.
One of the thorniest tasks awaiting a seven-member board charged by Washington, D.C., with cleaning up Puerto Rico’s debt crisis is deciding how to balance a $70 billion debt load with nearly $43 billion in unfunded pension liabilities, according to a Wall Street Journal analysis today.