Puerto Rico Free Linking Agreement
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The Foraker Act, passed by the U.S. Congress in 1900, designated Puerto Rico as an unorganized territory of the United States and gave it limited self-government.
Puerto Rico's government declared in 2015 that it could not afford to pay its more than $70 billion public debt load it had accumulated through decades of mismanagement, corruption and excessive borrowing. It also had more than $50 billion in public pension liabilities.
Puerto Rico formally exits bankruptcy after public debt restructuring. SAN JUAN, Puerto Rico Puerto Rico's government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its more than $70 billion debt.
Levels of debt in Puerto Rico became untenable, as the tax advantages of holding Puerto Rico's bonds expired, and Hurricane Maria wreaked additional havoc on the island's floundering economy. An aging population, mounting costs of social programs, and a declining population, have exacerbated debt problems as well.
Puerto Rico formally exits bankruptcy after public debt restructuring. SAN JUAN, Puerto Rico Puerto Rico's government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its more than $70 billion debt.
Puerto Rico's $70 billion public debt was issued by more than a dozen local government entities and public corporations, as well as the public employee retirement system.
Puerto Rico's bankruptcy is the largest and most expensive in the $4 trillion municipal-bond market, resulting in more than $1 billion in legal fees. The debt exchange will enable the commonwealth to begin repaying bondholders for the first time in almost six years.
How does the restructuring help Puerto Rico? Once the bonds are exchanged, Puerto Rico will pay no more than $1.15 billion in principal and interest annually on its general obligation bonds and sales-tax debt, down from as much as $3.9 billion.
In August 2018, a debt investigation report of the Financial Oversight and management board for Puerto Rico reported the Commonwealth had $74 billion in bond debt and $49 billion in unfunded pension liabilities as of May 2017. Puerto Rico officially exited bankruptcy on March 15, 2022.