After more than a decade of economic recession, Puerto Rico is broke.
The governor of the island, Ricardo Rosselló, announced on May 3, that he filed for a bankruptcy-type protection, as established by Title III of The Puerto Rico Oversight, Management, and Economic Stability Act, known as PROMESA. Congress and President Obama approved this law last year, after the island had been unable to pay its bonds. With this measure, Puerto Rico aims to restructure its public debt that surpasses $73 billion.
This has been an effort that weve been working on, after having an open dialogue and clear communication with all our creditors, said Rosselló in a press conference. Weve arrived to this conclusion because we understand…
Read the full article at: https://www.wuft.org/news/2017/05/09/puerto-rico-is-officially-bankrupt-what-does-it-mean/