Puerto Rico gets more time to propose fiscal plan
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.