"...The plan cuts part of the debt, about $33 billion, to roughly $7 billion — significantly reducing annual repayments to bondholders who own Puerto Rico’s debt, to $1.15 billion.
...Puerto Rico’s $70 billion public debt was issued by more than a dozen local government entities and public corporations, as well as the public employee retirement system.
The local government then declared its debt “unpayable“ in 2015 following decades of mismanagement, corruption and excessive borrowing.
...Jaresko joined the board in 2017 as Puerto Rico embarked on what has become the largest bankruptcy proceeding in U.S. history.
Since then, the financial oversight board has been in charge of overseeing all of Puerto Rico's debt renegotiations, a process that has resulted in tough austerity measures as Puerto Rico tried jump-starting its economic growth.
Jaresko previously worked for the U.S. Department of State, served as Ukraine's finance minister, and was a founding partner at the Horizon Capital private equity fund...Read all.
...Jaresko joined the board in 2017 as Puerto Rico embarked on what has become the largest bankruptcy proceeding in U.S. history.
Since then, the financial oversight board has been in charge of overseeing all of Puerto Rico's debt renegotiations, a process that has resulted in tough austerity measures as Puerto Rico tried jump-starting its economic growth.
Jaresko previously worked for the U.S. Department of State, served as Ukraine's finance minister, and was a founding partner at the Horizon Capital private equity fund...Read all.
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