In May 2007, local economists expressed serious concerns when it was revealed that the Puerto Rico public debt equaled to 76% of its gross national product (GNP), making it one of the most indebted countries by percentage in the world, even more than the United States.
[4] By early 2017, the Puerto Rican government-debt crisis posed serious problems for the government which was saddled with outstanding bond debt of $70 billion or $12,000 per capita[5] at a time with a 45 percent poverty rate and 12.4% unemployment that is more than twice the mainland U.S.
They also said that "Congress must enact measures recommended by both Republicans and Democrats that fix Puerto Rico’s inequitable health care financing structure and promote sustained economic growth.
Just before that deadline, the control board gave the Commonwealth government until February 28 to present a fiscal plan (including negotiations with creditors for restructuring debt) to solve the problems.
[16] In February 2021 governor Wanda Vázquez Garced rejected the agreement reached by the board to reduce the island's debt by 70% arguing the plan was too burdensome for the pensioners and that the bill needed to be approved by the legislature.
[19] In May 2023, the United States Supreme Court ruled against a Puerto Rican media organization in its quest to obtain documents from the Federal Council to oversee the island's financial restructuring.