May 21, 2018 / 12:33 PM / a month ago

Puerto Rico, oversight board reach deal on fiscal plan

May 21 (Reuters) - Puerto Rico and its federally appointed oversight board have reached a deal to avoid litigation over much-needed economic overhauls in the bankrupt U.S. territory.

Governor Ricardo Rosselló and the island’s legislature agreed to repeal protections that make it difficult for private-sector employers to fire workers at will, in hopes of spurring on-island hiring, Rossello said in a statement Sunday night. In return, the board will not push to eliminate Christmas bonuses or reduce sick days, the statement said.

In a separate statement Monday morning, the board said it planned to revise accordingly the island’s fiscal turnaround blueprint, which Rossello had opposed, avoiding litigation over its implementation. (Reporting by Nick Brown Editing by Chizu Nomiyama)

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