Assured, MBIA sue Puerto Rico board over island fiscal plan

Puerto Rico announces historic debt restructuring in court

Puerto Rico announces historic debt restructuring in court

And it didn't help that Puerto Rico lost roughly 10 percent of its population over the past decade. After years of wrangling in Washington, San Juan and on Wall Street - a fight that has pitted hedge funds against some of the poorest USA citizens - a federal judge may at last help decide who gets paid, and how much.

Puerto Rico has announced a historic restructuring of its public debt in what might be the biggest bankruptcy ever in the United States.

Gov. Ricardo Rossello said Wednesday that a federal control board overseeing the island's finances has agreed with his request to put the debts before a court.

The move comes a day after several major creditors sued Puerto Rico over defaults its bonds.

Puerto Rico's economy has been in a recession for almost 10 years, with an unemployment rate of about 11 percent.

Iran rightful to respond to Mirjaveh terrorist attack
The Army of Justice, which has previously attacked Iranian security forces, has claimed responsibility for the violence. Ten border guards have been killed in clashes with outlaws in southeastern Iran.

A pair of bond insurers with about $9 billion at stake in Puerto Rico's debt crisis on Thursday sued the US territory and its financial oversight board, objecting to a fiscal turnaround plan approved by the board in March.

Puerto Rico has approximately $74 billion of bond debt and $48 billion of unfunded pension liabilities.

The financial problems of the Caribbean island - which has been locked in recession for more than a decade - have shaken the large market for USA municipal bonds, especially after Detroit declared bankruptcy in 2013.

Introduced in 2016, the legal provision invoked by the governor would allow Puerto Rico to restructure its debt if San Juan fails to reach an agreement with its creditors.

Puerto Rico's financial oversight board filed the debt restructuring petition in the U.S. District Court in Puerto Rico under Title III of the U.S. Congressional rescue law known as PROMESA.

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