A rescue package signed Thursday by President Barack Obama will temporarily protect Puerto Rico from creditor lawsuits seeking to recover millions of dollars invested in Puerto Rico bonds, which attracted investors because of their triple tax-exempt status. "The default is very significant, and it likely means that Puerto Rico will not be able to re-enter the market for many, many years." Obama noted there will be tough work to do to get Puerto Rico out of the hole. It also allows Puerto Rico to temporarily lower the federal minimum wage for some younger workers. It creates a federal control board for Puerto Rico that will supervise some debt restructuring and negotiate with creditors.

Source: Fox News July 01, 2016 03:56 UTC