SAN JUAN, Puerto Rico (AP) — Top Puerto Rico legislators say they will provide some financial relief to islanders who invested in government bonds and face deep losses amid an economic crisis and ongoing defaults.
The announcement was made Thursday to hundreds of Puerto Ricans attending a conference organized by a nonprofit group representing some of the estimated 60,000 individual bondholders. They hold roughly $15 billion of the nearly $70 billion public debt that Puerto Rico is seeking to restructure.
Puerto Rico's House of Representatives President Carlos Mendez says he will pursue legislation to create tax credits for bondholders to help relieve their losses. Senate President Thomas Rivera Schatz says legislators will not approve any laws to favor what he called vulture funds and says bondholders might receive more affordable government services.