Puerto Rico exits out of bankruptcy. Following the bankruptcy, criticized...

Puerto Rico exits out of bankruptcy. Following the bankruptcy, criticized austerity measures were imposed on Puerto Rico, despite the island's substantial expenditure on consultants and lawyers during the process. The Financial Oversight and Management Board prioritized Puerto Rico's exit from bankruptcy and the retirement of its director, Natalie Jaresko. A federal judge approved a debt restructuring plan, reducing government claims from $33 billion to $7.4 billion. The plan allocates 7 cents per taxpayer dollar to debt service and establishes a public pension reserve trust funded with over $10 billion.

Monday, 14 March, 2022