A federal control board on Friday took over Puerto Rico’s finances and several government agencies for the first time in the U.S. territory’s history in a bid to haul the island out of an acute economic crisis. Members also voted on which Puerto Rico government agencies would come under the board’s oversight. The board was approved by Congress in June and is charged in part with helping restructure a portion of a nearly $70 billion public debt that Garcia has said is unpayable. The island has defaulted on several multimillion-dollar bond payments since last year and faces a growing number of lawsuits from creditors trying to recover a portion of their investments. Several government agencies are now operating under a state of emergency that permits withdrawals only for essential public services.
Historic Takeover Of Puerto Rico’s Finances Begins
Associated Press, San Francisco Chronicle: Business
Fri, 09/30/2016 - 2:32pm
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