Posted on 07/31/2015 8:03:22 PM PDT by OddLane
SAN JUAN, Puerto Rico (AP) Puerto Rico's government said Friday it would not make a $58 million bond payment due on the weekend and warned that the general fund will run out of liquidity by November if no action is taken.
Gubernatorial Chief of Staff Victor Suarez said at a news conference that the island's Public Finance Corporation could not meet the payment due Saturday.
"We don't have the money," he said, adding that the government still hopes to reach an agreement with creditors on renegotiating its debts. Gov. Alejandro Garcia Padilla warned several weeks ago that the government and state agencies cannot repay the $72 billion in public debt that hangs over the U.S. territory, which is struggling with a nearly decade-long economic slump.
(Excerpt) Read more at apnews.myway.com ...
They will be begging for statehood soon.
No bailout coming from the White House because they want PR to collapse (and subsequently flood Florida) so they can have more voters.
...you know, you might be right about that.
Tap Bammy’s personal $tash.
you know whats kinda funny 58 million sounds like chump change
Looks like the debt will be restructured, but with a higher interest rate.
Look and there'll be corruption and payola everywhere.
Another lump of sh## in Americas diaper
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