Puerto Rico lawmakers approve $4 billion loan Puerto Rico News
SAN JUAN, Puerto Rico: Without holding public hearings on legislative measures that will affect Puerto Rico’s economic future, the Legislature approved Tuesday night four bills, including a $4 billion loan to pay for public expenses, such as government worker’s payroll and to finance an economic stimulus package. Source: Caribbean Net News Daily Headlines: Puerto Rico
The highly anticipated report, delivered to Governor Alejandro Garcia Padilla on Tuesday, showed that economic reforms and budget cuts would not be enough on its own to keep the commonwealth from running a deficit through at least 2020. Ref. Source 4z
The governor of Puerto Rico, Ricardo Rosselló, said he would move the island's debt crisis into federal bankruptcy court, making it the largest government to seek refuge from its creditors in United States history. Ref. Source 5j.