Puerto Rico’s federally appointed financial oversight board on Friday questioned island officials about how they planned to centralize financial control after the bankrupt U.S. territory discovered nearly $7 billion in previously unreported money, Reuters reported. During a two-hour hearing that shed light on decades of disorganized and inconsistent accounting, the board asked about the government’s plans to consolidate a public sector that has more than 100 agencies. Puerto Rico is navigating at once the largest government bankruptcy in U.S. history, with $120 billion of combined bond and pension debt, and its worst natural disaster in 90 years in September’s Hurricane Maria, which killed dozens and decimated local infrastructure.
