Puerto Rico Board Tees Up Fight With Gov't Over Furloughs

Law360, New York (August 4, 2017, 4:51 PM EDT) -- The federally appointed board tasked with right-sizing Puerto Rico's flagging economy said Friday it planned to implement public employee furloughs to meet an $880 million savings benchmark for the 2018 fiscal year, in what amounts to a direct affront to the territory's governing leadership.

The Financial Oversight and Management Board for Puerto Rico, installed last year as part of the federal government’s legislative package to see the U.S. territory through a massive debt crisis, said the commonwealth’s effort to date to meet planned cuts in expenses has come up short. While the government has made some strides by submitting ways to...

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