New Puerto Rico governor signs fiscal emergency law

Puerto Rico could be the Singapore of the Caribbean if it could get its act together, which unfortunately it probably won’t.

(From Reuters)

Puerto Rico’s governor signed a law on Sunday that allows him to define essential government services and set aside money to pay for them, setting the vision of how to prioritize a mountain of obligations the struggling U.S. territory cannot afford.

Governor Ricardo Rossello, sworn in this month, signed the Puerto Rico Financial Emergency and Fiscal Responsibility Law, replacing a moratorium on debt payments by ex-Governor Alejandro Garcia Padilla that had been unpopular with many bondholders.

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