Post by Logan on Jun 3, 2016 20:22:15 GMT -6
Puerto Rico debt commission calls for funding to complete investigation
SAN JUAN, Puerto Rico -- According to a 44-page report released on Thursday by a 17-member commission sponsored by the government of Puerto Rico, much of the territory’s debt may have been issued illegally and requires further investigation, subject to official funding.
The Puerto Rico Commission for the Comprehensive Audit of the Public Credit announced its initial conclusions in an interim report that also functions as an application for the government funding needed to perform a full audit of the island’s $70 billion debt.
The Commission is comprised of members selected from civil society stakeholders including: elected officials, representatives of financial institutions, credit unions, academics, and organized labour and plans to study the following questions:
1. Has Puerto Rico violated the constitution's balanced budget requirement by using debt to finance prior deficits? Puerto Rico's constitution requires that the territory maintain a balanced budget, and thus prohibits the government from borrowing to cover budget deficits. Nonetheless, Puerto Rico has borrowed over $30 billion to finance deficits. Puerto Rico has been borrowing to cover deficits since as early as 1979.
Read more: www.caribbeannewsnow.com/topstory-Puerto-Rico-debt-commission-calls-for-funding-to-complete-investigation-30615.html
SAN JUAN, Puerto Rico -- According to a 44-page report released on Thursday by a 17-member commission sponsored by the government of Puerto Rico, much of the territory’s debt may have been issued illegally and requires further investigation, subject to official funding.
The Puerto Rico Commission for the Comprehensive Audit of the Public Credit announced its initial conclusions in an interim report that also functions as an application for the government funding needed to perform a full audit of the island’s $70 billion debt.
The Commission is comprised of members selected from civil society stakeholders including: elected officials, representatives of financial institutions, credit unions, academics, and organized labour and plans to study the following questions:
1. Has Puerto Rico violated the constitution's balanced budget requirement by using debt to finance prior deficits? Puerto Rico's constitution requires that the territory maintain a balanced budget, and thus prohibits the government from borrowing to cover budget deficits. Nonetheless, Puerto Rico has borrowed over $30 billion to finance deficits. Puerto Rico has been borrowing to cover deficits since as early as 1979.
Read more: www.caribbeannewsnow.com/topstory-Puerto-Rico-debt-commission-calls-for-funding-to-complete-investigation-30615.html