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Puerto Rico Supreme Court halts pension reform, angering governor
Source: Reuters
Puerto Rico Supreme Court halts pension reform, angering governor
SAN JUAN Wed Jan 15, 2014 11:41am EST
(Reuters) - In what Governor Alejandro Garcia Padilla called a "dangerous decision," the Puerto Rico Supreme Court late Tuesday halted implementation of a teachers pension system reform as it agreed to hear a lawsuit seeking to have the reform overturned as unconstitutional.
The reform, enacted December 24, is one of a series of steps the Puerto Rico government has taken in a bid to retain its investment-grade credit rating, which stands just a single notch above junk-bond status by all three Wall Street credit rating agencies. In halting the reform, the Supreme Court said the plaintiffs could suffer material harm from its implementation.
The court appointed a special commissioner to collect evidence, hold a hearing and submit a report on its findings by February 7.
"The resolution emitted by the Supreme Court is particularly dangerous in this historic moment in which we live because our will to save the teachers pension system is being evaluated in relation to the country's credit rating," the governor said in a prepared statement.
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SAN JUAN Wed Jan 15, 2014 11:41am EST
(Reuters) - In what Governor Alejandro Garcia Padilla called a "dangerous decision," the Puerto Rico Supreme Court late Tuesday halted implementation of a teachers pension system reform as it agreed to hear a lawsuit seeking to have the reform overturned as unconstitutional.
The reform, enacted December 24, is one of a series of steps the Puerto Rico government has taken in a bid to retain its investment-grade credit rating, which stands just a single notch above junk-bond status by all three Wall Street credit rating agencies. In halting the reform, the Supreme Court said the plaintiffs could suffer material harm from its implementation.
The court appointed a special commissioner to collect evidence, hold a hearing and submit a report on its findings by February 7.
"The resolution emitted by the Supreme Court is particularly dangerous in this historic moment in which we live because our will to save the teachers pension system is being evaluated in relation to the country's credit rating," the governor said in a prepared statement.
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Read more: http://www.reuters.com/article/2014/01/15/us-usa-puertorico-teachers-idUSBREA0E13P20140115
