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San Juan (AP) Puerto Rico’s almost five-year chapter battle was resolved Tuesday after a federal choose signed a plan that slashes the U.S. territory’s public debt load as a part of a restructuring and permits the federal government to begin repaying collectors. The plan was permitted after the choose held heated hearings in latest months and because the island struggles to get better from lethal hurricanes, earthquakes and a pandemic that deepened its financial disaster.
At the moment begins a brand new chapter in PR’s historical past, tweeted a federal management board that was appointed to supervise Puerto Rico’s funds and had been working with the choose on the plan. The board stated that the plan signed by federal choose Laura Taylor-Swain cuts Puerto Rico’s public debt by 80% and saves the federal government greater than $50 billion in debt service funds. Puerto Rico’s authorities declared in 2015 that it couldn’t afford to pay its greater than $70 billion public debt load. It then filed for the biggest municipal chapter in U.S. historical past in 2017. The federal government had collected the debt by way of a long time of mismanagement, corruption and extreme borrowing. (AP) .
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