Obama signs Puerto Rico rescue bill

President Barack Obama yesterday signed a bill known as PROMESA, which is Spanish for promise, to help Puerto Rico recover from its economic crisis.

Both chambers of Congress approved the bill by a large margin.

PROMESA prevents bondholders from filing lawsuits against Puerto Rico and crated a fiscal oversight board to come up with a plan to solve the $70 billion debt crisis.

Today, Puerto Rico is expected to miss most, if not all, of a $2 billion bond payment it owes creditors.

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