Puerto Rico's new governor is seeking more time to present a fiscal turnaround plan for the struggling U.S. territory, saying the the Jan. 31 deadline set by the commonwealth's federal oversight board is too tight, Reuters reported. In a letter to the board dated Jan.
Puerto Rico in Distress
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Puerto Rico's new governor wasted no time seeking advisers to help the island restructure $70 billion in debt, requesting late on Tuesday that firms submit their qualifications as legal and financial advisers, Reuters reported yesterday.
Outgoing Puerto Rico Governor Alejandro García Padilla urged his successor to demand that a federal control board overseeing government finances move immediately to restructure much of its nearly $70 billion in debt, the Associated Press reported on Saturday.
A federal control board overseeing Puerto Rico's finances gave the governor a list of proposed measures to turn around the U.S. territory's economy including downsizing the government, privatizing ports and charging tourists more for certain services, the Associated Press reported.