Puerto Rico Faces Record Default: A Look at the $2 Billion Due – Yahoo Finance

Puerto Rico Governor Alejandro Garcia Padilla says the island won’t pay general-obligation debt coming due on Friday even with President Obama poised to sign a bill that enables the commonwealth to restructure its $70 billion debt load
Puerto Rico and its agencies owe $2 billion of principal and interest. It may mark the island’s biggest default yet and the first time it’s skipped payments on general-obligation bonds, which are given the first claim on the island’s funds. The federal bill, called Promesa, enables the commonwealth to restructure its debt through a control board that will also weigh in on its spending plans. The measure also shields Puerto Rico from creditor lawsuits seeking repayment

Source: Puerto Rico Faces Record Default: A Look at the $2 Billion Due – Yahoo Finance

2 thoughts on “Puerto Rico Faces Record Default: A Look at the $2 Billion Due – Yahoo Finance”

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