The U.S. Treasury Department said yesterday that Congress should provide Puerto Rico with access to a restructuring regime to help the commonwealth deal with its fiscal challenges, Reuters reported yesterday. "Without federal legislation, a resolution across Puerto Rico's financial liabilities would likely be difficult, protracted and costly," the Treasury Department said in a statement. With Puerto Rico projected to exhaust its liquidity later this year, Congress "must act now" to provide the island with access to restructuring, the statement said.
