WASHINGTON — Vowing he’d refuse to support legislation “that does not respond to the needs of the people of Puerto Rico,” Rep. Luis Gutiérrez (D-Ill.) promised Tuesday he’d do everything in his power to help the island overcome its fiscal nightmare.
Puerto Rico Gov. Alejandro García-Padilla signed into law the first five measures related to the Plan for Fiscal and Economic Growth, including the measure creating the Fiscal Supervisory board, La Fortaleza confirmed Tuesday.
The eventual restructuring of some or all of Puerto Rico’s $73 billion in debt obligations will carry “significant implications” for the financial guaranty sector as a whole, Moody’s Investor Service said Thursday.