Puerto Rico Bonds Continue to Plummet, Island Awaits Help from Washington
Puerto Rican bonds continued to plummet after Governor Alejandro Garcia Padilla signed a bill that would allow the commonwealth to suspend debt payments while awaiting help from Washington in dealing with the country’s ongoing financial crisis. The bill will allow moratorium on payments to keep government cash flowing for essential services. So far, Puerto Rico owes investors about $70 billion and has been struggling with economic stagnation and population decline for a decade. The island began defaulting on debt in August. Republicans in the US House of Representatives last week proposed a bill that would allow debt restructuring under supervision of a control board, and will decided whether the island has the right to craft its own process for municipal bankruptcy. The commonwealth’s Government Development Bank has a debt payment of about $400 million due May 1st.
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