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Puerto Rico gets more time to propose fiscal plan

4 years 6 months 1 day ago Saturday, January 28 2017 Jan 28, 2017 January 28, 2017 12:28 PM January 28, 2017 in News
Source: Associated Press
By: APNewsNow
Gov. Ricardo Rossello

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.

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