World Economy

Puerto Rico Rescue Falters

Puerto Rico Rescue FaltersPuerto Rico Rescue Falters

An aggressive advertising and lobbying campaign by conservative activists and financial interests this week stalled a plan in the US Congress to rescue Puerto Rico from crippling debt, while lawmakers adjourned on Friday with no clear path forward, Reuters reported. As its economy reels and basic services are threatened, the US island territory is pleading for help from Washington, but lawmakers have been unable to formulate a response, or even estimate when they might be able to advance a legislative fix. Puerto Rico is staring down a May 1 deadline for paying about $422 million to Government Development Bank bondholders.