March 8, 2017 / 5:52 PM / 4 months ago

Puerto Rico oversight board recommends emergency fiscal measures

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NEW YORK (Reuters) - Puerto Rico's federally appointed fiscal oversight board recommended on Wednesday that the U.S. commonwealth's government enact emergency measures in order to avoid running out of money by July.

In a letter to Governor Ricard Rossello, the board said it now estimates the commonwealth could face a cash deficit of approximately $190 million by the beginning of July.

"We believe that without major emergency actions the Commonwealth soon will be unable to pay essential services, including pensions, education, healthcare and public safety, in a matter of months," the letter said.

Reporting By Municipal Bonds Team

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