| Puerto Rico's top economic official on Thursday said the island should form an investment fund to help attract business as it struggles under $73 billion of debt. Alberto Baco, the island's economic development minister, said in an interview he will advocate for the creation of a "sovereign fund" to promote development, which he said should be financed at least in part through negotiated concessions from the island's financial creditors.
"My project is to make people buy into the idea that concessions (from creditors) are not used for expenditures but investments," Baco said, calling a sovereign fund "the best way to invest." Such funds are typically used by sovereign nations with excess wealth, and the practicality of an investment fund in the struggling U.S. commonwealth is unclear...............................................Full Article: Source
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