The deal with supporting creditors “will reduce the amount of Commonwealth-related bonds outstanding to less than $12 billion.”
The 2017 hurricane season puts extreme precipitation and flooding events at the top of risk managers’ agendas.
“Today, the House acted to prevent Puerto Rico's fiscal crisis from escalating to a humanitarian catastrophe," says a co-author of the bill.
The commonwealth's problem is deficits not its debt load, say former IMF economists.
Raising electricity rates to help repay its debt is not an option, says the Puerto Rico Electric Power Authority.
Banco Popular bought $3.25 billion of Doral's assets and paid the FDIC a premium of 1.59% for the failed Puerto Rican bank’s deposits.
