Puerto Rico

The board has claimed its policies must be followed to make money available for bond payments.

Walter Higgins plans to submit his resignation because an unexpected family incident will keep him out of Puerto Rico, the governor said.

Bondholders have long complained about the local government's lack of timely and accurate financial information.

The Financial Industry Regulatory Authority has already barred Jose Ramirez from the securities industry, his lawyer said.

The board responded that it would vigorously defend its budget and fiscal plan.

Governor Ricardo Rossello called for an extraordinary session of the legislature in a bid to make the island more attractive for investment by peeling back worker protections.

Oversight Board members blamed the reduction in available revenue in part on local government's failure to introduce at-will employment.

There are two proposals being negotiated but one attorney says the discussions may go nowhere.

The board plans to approve a Puerto Rico budget by the end of Saturday.

Revenues through the first 11 months of the fiscal year were 1% ahead of projections.