Before Hurricane María, if Puerto Rico were to pay off its debt without completely choking off economic and social development, it needed a total cancellation of the interest on the public debt and a reduction in the principal of approximately 45 percent to 90 percent. Now, in the wake of the storm, the debt relief needed is much greater.
Given the impact on Puerto Rico’s economy from the onslaught of Hurricanes Irma and María, the collapse of the island’s power system and the changes to the U.S. tax code and its local effect, the Puerto Rico Manufacturers Association is urging the Financial Oversight and Management Board to reconsider its role and objectives.
The Georgia Institute of Technology will offer more than 2,000 square feet of office space — for a four-month period beginning in February 2018 — to entrepreneurs and innovators from Puerto Rico, who are still reeling from the devastating effects of Hurricane María, the university announced.
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