Puerto Rico gets more time to propose fiscal plan
Jan 28, 2017
A federal control board is giving Puerto Rico's government more time to figure out how to confront its financial crisis
SAN JUAN, Puerto Rico — A federal control board is giving Puerto Rico's government more time to figure out how to confront its financial crisis.
Saturday's action gives the territorial government a little more time to negotiate with creditors and stave off possible lawsuits. The deadline for presenting a fiscal plan moves to Feb. 28 instead of Jan. 15. And the moratorium on lawsuits now extends to May 31 instead of Feb. 15.
Gov. Ricardo Rossello says in a statement that the measure shows the government is "acting in a correct, transparent and responsible way."
The U.S. Congress created the board last year to oversee efforts to overcome an estimated $70 billion debt that has expanded during a decade-long recession. The board has said Puerto Rico should raise revenues and cut costs.
.
More News
Paddy Power cuts 1,400 jobs and blames betting tax rises
The government increased taxes on online casino and sports betting in last year's Budget.
Investors in Anticipation Over Musk’s Next Big SpaceX Deal
Ahead of SpaceX’s quarterly earnings report, many on Wall Street are wondering whether Elon Musk will combine it with Tesla.
Bereaved families could face 'unjust' tax bill after civil service pension delays
The chairman of Parliament's Public Accounts Committee says families should not be taxed through no fault of their own.
Trump Announces $8 Billion Plan to Cover Farm Losses
Under the Harvest Fuel Relief program, the Agriculture Department will provide economic aid for farmers hurt by high diesel prices.
Jobless rate falls but small firms cut back hiring
Small firms cite labour costs as a key factor in scaling back hiring, the Office for National Statistics says.
£30 rise in payments for crisis-hit households
More money is made available through a resilience fund for hard-pressed households in Sheffield.
'I'm fed up of swiping': The singles choosing dating events over apps
The BBC hears from people who think dating events are better value for money than dating apps.
Chancellor rejects calls to raise Capital Gains Tax in Budget
Influential Labour figures had been pushing for equalising CGT and income tax, but critics have said this could drive wealthy people out of Britain.
Knicks Ticket Prices Are Soaring After Last Season’s Championship
Knicks tickets have never been cheap, but prices for the first game alone are soaring after last season’s championship — more than a trip to Paris.
How Do Airports Prepare for a Plane Crash? Go Inside JFK’s Disaster Drill.
U.S. airports are required to hold a full-scale disaster drill every three years. Go inside a simulated plane crash at Kennedy Airport last weekend.
Burnham vows end to 'rip-off parking charges' under new rules
The changes come after concerns that penalties issued by private providers are too harsh and leave motorists unfairly punished.
Revolut outage hits 'multiple services' as thousands of users report app issues
Some users of the British neobank reported being unable to make some payments or access funds in its app on Tuesday.