Puerto Rico could see debt cut by 60% through federal control board bankruptcy plan.
A federal control board that oversees Puerto Rico's finances filed in court Friday a long-awaited plan that it says would reduce the U.S. territory's debt by more than 60 percent and pull the island out of bankruptcy in what government officials called a historic moment.
"Today we have taken a big step to put bankruptcy behind us," said board chairman José Carrión."Three years after Congress passed PROMESA and two years after the most severe hurricane in more than 100 years hit Puerto Rico, after more than a decade of economic decline and fiscal disarray, after tens of thousands of Puerto Ricans left their island to find prosperity elsewhere, we have now reached a turning point.
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