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The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. [a] The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt. The downgrades, in turn, prevented the ...
History. In May 2007, local economists expressed serious concerns when it was revealed that the Puerto Rico public debt equaled to 76% of its gross national product (GNP), making it one of the most indebted countries by percentage in the world, even more than the United States. [2] During the fiscal years 2016-2017 debt rose from 93% to 95% of ...
This factor, along with many others, led Puerto Rico to issue bonds up to today's outstanding debt of US$71 billion—an amount approximately equal to about 68% of Puerto Rico's gross domestic product (GDP). These actions, along with a series of negative cash flows and a depression, ultimately led to Puerto Rico's government-debt crisis.
The government of Puerto Rico and a federal oversight board have agreed on a debt-restructuring plan to end the U.S. territory's bankruptcy, if it is approved
A federal judge overseeing a drawn-out debt-restructuring process for Puerto Rico’s power company ordered all parties to mediation on Wednesday in the latest attempt to break an impasse that has ...
The government of the Commonwealth of Puerto Rico is a republican democracy established by the Constitution of Puerto Rico in 1952. Under a system of separation of powers, the government is divided among three branches: the executive, the legislative, and the judicial. As a territory of the United States, the government of Puerto Rico is under ...
2006 Puerto Rico budget crisis. The 2006 Puerto Rico budget crisis was a political, economic, and social crisis that saw much of the government of Puerto Rico shut down after it ran out of funds near the end of the 2005–2006 fiscal year. The shut down lasted for two weeks from 1 May 2006 through 14 May 2006, leaving nearly 100,000 public ...
Other branches. v. t. e. The Puerto Rico Department of Treasury (Spanish: Departamento de Hacienda de Puerto Rico) is the executive department of the government of Puerto Rico responsible for the treasury of the U.S. Commonwealth of Puerto Rico. It is one of the constitutionally-created executive departments and is headed by a Secretary.