Puerto Rico gets more time to propose fiscal plan
SAN JUAN, Puerto Rico - A federal control board is giving Puerto Rico's government more time to figure out how to confront its financial crisis.
Saturday's action gives the territorial government a little more time to negotiate with creditors and stave off possible lawsuits. The deadline for presenting a fiscal plan moves to Feb. 28 instead of Jan. 15. And the moratorium on lawsuits now extends to May 31 instead of Feb. 15.
Gov. Ricardo Rossello says in a statement that the measure shows the government is "acting in a correct, transparent and responsible way."
The U.S. Congress created the board last year to oversee efforts to overcome an estimated $70 billion debt that has expanded during a decade-long recession. The board has said Puerto Rico should raise revenues and cut costs.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Giving the gift of warmth: Pat's Coats for Kids distribution day 2018
Grab your caps: LSU, Southern students set to graduate
Livingston Parish looking to crack down on duplicate tax exemptions
Ascension Parish man frustrated after rats from abandon property invade home
Witness: Child found on floor of apartment bathroom after self-inflicted shooting