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5 months ago
Puerto Rico oversight board approves revised government turnaround plan
March 13, 2017 / 3:38 PM / 5 months ago

Puerto Rico oversight board approves revised government turnaround plan

NEW YORK, March 13 (Reuters) - Puerto Rico's federal fiscal oversight board unanimously voted on Monday to certify a revised fiscal turnaround plan presented by the island's government that includes imposing employee furloughs and further reducing pension spending.

The plan also includes the elimination of the annual Christmas Bonus. However, the plan does provide a mechanism to avoid furloughs or the elimination of the bonus if Puerto Rico's government proposes alternative measures to preserve financial liquidity by April 30th.

Reporting By Nick Brown; Editing by Daniel Bases and Nick Zieminski

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