Puerto Rico can not meet the payment of $ 58 million in interest and repayments on bonds. This amount must be paid Saturday, August 1st, but according to the chief of staff of the governor of the Caribbean island there is simply no money.
The decision to not meet its payment obligations searching Puerto Rico, an autonomous area within the United States, the confrontation with his creditors. The government therefore wants to force being renegotiated the debt of the island. According to Gov. Alejandro Garcia Padilla is the enormous debt of the island priceless and we need a restructuring of the debt.
It is the first time that Puerto Rico does not meet its payment obligations. “We can not make the payment, because we do not have enough money,” said chief of staff Victor Suarez. “The payment will be paid after we have after we have found a way to restructure our debt.”
Puerto Rico, a island with over 3.5 million inhabitants, has a debt of $ 72 billion. Of the 50 US states, only California and New York increased public debt.
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