Having already defaulted multiple times over the past several months, the Puerto Rico faces more debt per capita than any U.S. state, according to a commentary on Realclearpolitics.com.
Puerto Rico in Distress
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Just two days before Puerto Rico plans to default on a large debt payment, the Senate yesterday passed and sent to the White House a relief measure to help the financially desperate island surmount its fiscal crisis, the New York Times reported today.
The Senate today is scheduled to vote on a bill already approved by the House that would restructure Puerto Rico’s debts and could create the conditions for recovery, according to a New York Times editorial.
After months of waiting for the U.S. Congress to act as Puerto Rico's economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington, D.C., aimed at helping it address a hobbling $70 billion debt, 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.