first_imgSAN JUAN, Puerto Rico — A federal control board that oversees Puerto Rico’s finances is asking a court to invalidate more than $6 billion worth of debt issued by the U.S. territory.The board announced late Monday that the debt includes all general obligation bonds issued in 2012 and 2014 in “clear violation” of debt limits established by Puerto Rico’s Constitution. It also said the debt issued violates balanced budget requirements because the money was used to finance deficit spending.The board’s finding comes after a lengthy investigation that began in September 2017 of all debt issued by Puerto Rico.Economist Jose Caraballo told The Associated Press on Tuesday that the board’s decision is a milestone.It is unclear when a judge would rule on the motion that Caraballo said gives the government bargaining power.The Associated Presslast_img

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