With fiscal year 2017 nearing an end in Puerto Rico, the Oversight Board was threatening to approve a budget Friday morning without local government agreement and the electric power authority was on the verge of default on a $423 million bond payment due Monday.

As of Thursday afternoon Puerto Rico’s legislature and governor hadn’t yet approved a budget that the board had deemed acceptable. On Tuesday the board issued a “notice of violation” concerning the legislature-approved budget. It said that the local government had until 5 p.m. on Thursday to make $119 million in cuts and clarify $200 million in other savings.

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