Puerto Rico Unveils Plan To Reduce Debt

Puerto Rico's debt crisis led to a plan to reduce its liabilities from $35 billion to $12 billion, significantly lowering taxpayer funds spent on debt payments. The territory's financial mismanagement and corruption resulted in a massive municipal bankruptcy. In response, Congress enacted PROMESA, establishing a process for debt restructuring and creating the Financial Oversight and Management Board. The board's new proposal is seen as a crucial step forward, especially after economic decline and natural disasters. A federal judge is expected to confirm the plan in early 2020.

What was the purpose of the Federal Oversight Board created for Puerto Rico?

How much did Puerto Rico's liabilities reduce from and to, according to the adjustment plan?

What law did Congress create in response to Puerto Rico's financial struggles?

What significant event occurred in Puerto Rico after a decade of economic decline?

What is expected to happen with the bankruptcy plan in early 2020?