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Puerto Rico board approves liquidation of Government Development Bank


By Nick Brown(Reuters) - Puerto Rico's financial oversight board late on Friday approved a plan to wind down the island's Government Development Bank (GDB), bringing the defunct fiscal agent a step closer to settling more than $5 billion in debt.The oversight board, appointed by federal lawmakers to steer Puerto Rico through a historic crisis, said in a joint statement with government leaders it endorsed the plan to restructure GDB debts under Title VI of PROMESA, a federal Puerto Rico rescue law passed by the U.S. Congress last year.GDB officials lauded the deal, which will split GDB's ...

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First Published: Sat, July 15 2017. 07:01 IST