Puerto Rico’s restructuring deal could end the biggest bankruptcy in U.S. history. – NBC Chicago
The government of Puerto Rico and the Federal Fiscal Watchdog which manages the finances of the US territory have agreed on a debt restructuring plan that could end the largest bankruptcy proceeding in state history United, which started in 2017.
Puerto Rico Governor Pedro Pierluisi told NBC News on Thursday that the federal supervisory board has agreed to change its previous version of the plan to eliminate pension cuts and provide more funding for the island’s public university system. , following long-standing disagreements on the two issues.
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The changes would align with a new law signed by Pierluisi on Wednesday that pledges $ 500 million per year to the University of Puerto Rico until fiscal 2027 and “no reduction in current retiree pensions and current accrued benefits of active public employees “.
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