US Control Board to Probe Puerto Rico Debt, Ties to Crisis
A federal control board overseeing the finances of Puerto Rico's government said Wednesday that it will investigate the causes of the island's economic crisis as well as examine how its debt was issued and probe disclosure and selling practices.
August 05, 2017 at 12:00 AM
4 minute read
A federal control board overseeing the finances of Puerto Rico's government said Wednesday that it will investigate the causes of the island's economic crisis as well as examine how its debt was issued and probe disclosure and selling practices.
The announcement comes as government officials seek to restructure a portion of the $70 billion public debt in a process similar to bankruptcy following multimillion-dollar defaults that have angered creditors.
Board members said they will form a special committee that will appoint an independent investigator, and the findings will be made public. The board said the investigation aims to restore fiscal balance and help Puerto Rico re-enter the capital market.
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