NY Fed: Puerto Rico Should Seek Economic Reforms - Presented by: The Aol. On Network

New York's Federal Reserve Bank released a report Thursday in which it warned that Puerto Rico needs to improve its financial health soon or face what it called a "painful adjustment." The report comes as U.S. investors waited to learn whether the island's power company would meet a July 31 deadline to make payments on $671 million it owes to banks or extend the deadline once again. The 30-page report makes several recommendations that the New York Fed believes are needed to help push the U.S.



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