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SAN JUAN, Puerto Rico (AP) — Attorneys representing bondholders hit by a recent request to dismiss more than $6 billion of Puerto Rico's debt demanded more time to fight the proposal during a ...
SAN JUAN, Puerto Rico (AP) -- Puerto Rico's troubled power company has been forced to sell bonds again to obtain capital and avoid defaulting on a $415 million debt payment due Wednesday amid a ...
More than $6 billion of bonds Puerto Rico issued in 2012 and 2014 had been targeted by the board for allegedly being issued in violation of a debt limit in the Caribbean island's constitution. As ...
The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. [a] The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt.
This factor, along with many others, led Puerto Rico to issue bonds up to today's outstanding debt of US$71 billion—an amount approximately equal to about 68% of Puerto Rico's gross domestic product (GDP). These actions, along with a series of negative cash flows and a depression, ultimately led to Puerto Rico's government-debt crisis.
The Bank was the brainchild of Governor Rexford Guy Tugwell, who signed Law 253 of May 13, 1942, creating the institution in charge of economic development for the Government of Puerto Rico. A subsequent law in 1945 expanded its responsibilities to include serving as the fiscal agent for, and financial advisor of, the government of Puerto Rico.
A decision this week by a U.S. Appeals Court in a lawsuit related to Puerto Rico's bankruptcy raises concerns over the payment of municipal bonds backed by specific revenues during future Chapter ...
Losses by government-owned corporations have been defrayed through the issuance of bonds compounding more than 40% of Puerto Rico's entire public debt today. [190] Holistically, from FY2000–FY2010 Puerto Rico's debt grew at a compound annual growth rate (CAGR) of 9% while GDP remained stagnant. [191] This has not always provided a long-term ...