Puerto Rico gets more time to propose fiscal plan

Saturday's action gives the territorial government a little more time to negotiate with creditors

The Capitol of Puerto Rico
The Capitol of Puerto Rico (Capitolio de Puerto Rico) in San Juan, Puerto Rico

SAN JUAN, Puerto Rico (AP) — 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.

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