Fight with US over funding is threatening bankrupt Puerto Rico’s recovery effort
Calvia, Spain — Puerto Rico, battered by Hurricane Maria in September, is working "day and night" to restore public services, but a row with Washington over a fiscal turnaround plan for the bankrupt US territory is draining energy from the recovery effort, said the Caribbean island’s secretary of state. Luis Rivera Marín, Puerto Rico’s second-highest ranking official, said the territory’s government would not comply with some of the cost-cutting measures announced by the federal oversight board last week, which affect public policies such as pensions. "We are going to take care of our most vulnerable — our children, our elderly — and we will take the necessary measures so that through tourism and technology, we can return to economic growth [and] pay our debts," he said in an interview on the sidelines of the Smart Island World Congress in Mallorca. Last year, Puerto Rico filed the biggest government bankruptcy in US history, owing $71.5bn of bonds and $50bn in pension obligations. ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.