Puerto Rico

Puerto Rico bonds took a big hit on Wednesday after President Donald Trump suggested the commonwealth’s debt needed to be “wiped out” to help the island recover from the devastation caused by Hurricane Maria.

President Donald Trump's budget chief said not to take the president's suggestion that Puerto Rico's debt would be "wiped out" literally, as the territory's bonds plunged to a record low on Wednesday.

President Donald Trump suggested that the government debt accumulated by bankrupt Puerto Rico would need to be wiped clean to help the island recover from the devastation caused by Hurricane Maria.

Puerto Rico’s general obligation bonds maturing in 2035 have lost a fifth of their value in secondary trading on concern over the economic impact of the storm.

The board says it will postpone any discussion of furloughs until the next fiscal year.

The Puerto Rico Electric Authority bondholders said their loan offer to PREPA was a sincere offer to help and Puerto Rico’s government bitingly denounced it on Thursday and Friday.

Two key Puerto Rico Oversight Board members met with members of Congress Thursday and Friday.

Rep. Nydia Velázquez says Trump's 10-day waiver of Jones Act won't help Puerto Rico.

The proposal would benefit bondholders without helping PREPA rebuild the power grid, a government statement said.

Puerto Rico's power authority said it may take more than six months to restore electricity and there was a report that the Oversight Board was ready to revise the amount of debt to be paid in the next nine years.