Puerto Rico Rescue Bill Okayed
World Economy

Puerto Rico Rescue Bill Okayed

The US House of Representatives on Thursday overwhelmingly passed a bill to help Puerto Rico avoid economic collapse. The island  is $70 billion in debt and stuck in a recession. The situation is so dire that Puerto Ricans are literally fleeing the island at a rate not seen since the 1950s “West Side Story” era, KCCI reported. The bill is being hailed as a bipartisan compromise. “Today the House acted to prevent Puerto Rico’s fiscal crisis from escalating into a humanitarian catastrophe,” said Rep. Rob Bishop, a Republican from Utah who helped to draft the bill. The bill, known as PROMESA (the Spanish word for “promise”) passed the House with a vote of 297 to 127. It creates an oversight board to control the island’s finances. The board would have special abilities to restructure the island’s debt, but only as a last resort. Puerto Rico has already defaulted three times in the past year. A hefty payment of nearly $2 billion is due July 1.


Short URL : http://goo.gl/98dsUT
  1. http://goo.gl/cyQmMT
  • http://goo.gl/AK0hvU
  • http://goo.gl/LaLREG
  • http://goo.gl/2Rg6Bn
  • http://goo.gl/uwUnhc

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...