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Puerto Rico Declares Bankruptcy in Federal Court
Puerto Rico Declares Bankruptcy in Federal Court
Puerto Rico declared a form of bankruptcy for the island amid the debt crisis.
WASHINGTON (Sputnik) — The Financial Oversight and Management Board for Puerto Rico declared in federal court a form of bankruptcy for the island amid the debt crisis, US media reported.The US territory has over $73 billion in debts and $49 billion in unfunded pension obligations, The New York Times said on Wednesday.
The governor of Puerto Rico Ricardo Rossello petitioned for relief under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The measure, enacted during former President Barack Obama’s administration, enables the Puerto Rican government to use bankruptcy-like provisions.
The media explained that now the Chief Justice of the Supreme Court, John Roberts, should appoint a bankruptcy judge, who would take over the case.
The Puerto Rican debt has ballooned by nearly $30 billion from 2006 to 2014. The island has seen 20% decrease on the job market in the past ten years and lost nearly 10% of its population, which worsened the economic crisis.
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