Puerto Rico's federally appointed financial oversight board said yesterday that it will investigate the U.S. commonwealth's debt "and its relationship to the fiscal crisis" which has left it with $72 billion in debt and a 45-percent poverty rate, Reuters reported yesterday. The board, a creation of the 2016 federal Puerto Rico rescue law known as PROMESA, said that the investigation will review the fiscal crisis, examine the debt and how it was issued, including disclosure and selling practices. "The Oversight Board considers this investigation an integral part of its mission to restore fiscal balance and economic opportunity and to promote Puerto Rico's reentry to the capital markets pursuant to its responsibilities under PROMESA," the statement said. Read more.
For updated news and analysis of Puerto Rico's debt crisis, along with current docket filings in Puerto Rico's case, be sure to visit ABI's "Puerto Rico in Distress" webpage.
