Jun
29
Puerto Rico Seeks to Delay Payments on $72 Billion Debt Load
ByPuerto Rico will seek to delay payments on the island’s $72 billion debt load for “a number of years” as part of a plan to bolster the commonwealth’s finances and revive its economy, Governor Alejandro Garcia Padilla said.
Officials of the U.S. territory will develop a debt-restructuring plan by Aug. 30, the governor announced in a 21-minute televised speech Monday night. Minutes after he spoke, the island’s legislature passed a $9.8 billion budget for the fiscal year beginning July 1. About $1.5 billion, or 15 percent of the spending plan, will repay principal and interest…
Puerto Rico Seeks to Delay Payments on $72 Billion Debt Load
