Activists in Los Angeles call for support of Puerto Rico one year after Hurricane Maria. Photo: Mario Tama/Getty Images

Puerto Rico reached an agreement with bondholders on restructuring around $35 billion of its debt, which accounts for close to 50% of the bankrupt island’s total.

Details: The agreement calls for forgiveness of more than 60% for all $35 billion, a 36% haircut on pre-2012 general obligation or "GO" bonds and a 27% haircut on public authority bonds that carry a constitutional payment guarantee.

  • The plan would reduce Puerto Rico's related bonds outstanding to less than $12 billion, according to an announcement from the Financial Oversight and Management Board for Puerto Rico.
  • "The agreement is an important element of a plan of adjustment that would allow Puerto Rico to emerge from bankruptcy early next year," the announcement said. "The Oversight Board expects to file that plan of adjustment for the Commonwealth within the next 30 days."

But, but, but: Puerto Rican Gov. Ricardo Rosselló's top finance adviser, Christian Sobrino, tells the Wall Street Journal that the government doesn't support the proposal because it's based on a fiscal plan that cuts pension benefits.

Go deeper: Puerto Rico's unlikely financial bounceback

Go deeper

Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 11,031,905 — Total deaths: 523,777 — Total recoveries — 5,834,337Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 2,788,395 — Total deaths: 129,306 — Total recoveries: 790,404 — Total tested: 34,213,497Map.
  3. States: ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  5. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
14 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.