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Supreme Court upholds Puerto Rico financial oversight board

Supreme Court upholds Puerto Rico financial oversight boardThe Supreme Court on Monday upheld the oversight board established by Congress to help Puerto Rico out of a devastating financial crisis that has been exacerbated by the coronavirus outbreak, recent earthquakes and damage from Hurricane Maria in 2017. In a unanimous holding, the court will allow the oversight board’s work to pull the island out of the largest municipal bankruptcy in U.S. history to proceed. At one point, Puerto Rico faced more than $ 100 billion in debt and unfunded pension obligations.



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