U.S. Congress is still “weighing the merits” of H.R. 870, known as the Puerto Rico Chapter 9 Uniformity Act, as momentum builds from outside groups for and against the measure that would authorize the island’s government to restructure its fiscal obligations under Chapter 9 of the U.S. bankruptcy code.
The Puerto Rico Government Development Bank (GDB) warned Gov. Alejandro García-Padilla that without an approved tax reform and a budget adjusted to public spending and the island’s fiscal reality, the government could run out of money and shut down within the next three months.
Government Development Bank President Melba Acosta-Febo announced Wednesday the range of government banking services that are now available to public corporations, agencies and municipalities, essentially provided at no charge.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
