Economy

Demeter

(85,373 posts)

25. Puerto Rico will fail to make Aug.1 payment, signaling default

Sat Aug 1, 2015, 09:58 AM

Aug 2015

http://www.reuters.com/article/2015/08/01/us-usa-puertorico-default-idUSKCN0Q51V720150801?feedType=RSS&feedName=businessNews

Puerto Rico will miss a payment on debt due Aug. 1, the governor's chief of staff said on Friday, an event that will be considered a default by investors as the commonwealth lurches towards what could be one of the largest U.S. municipal debt restructurings in history.

The missed payment will mark the first default by the commonwealth and shows the depth of the island's economic and cashflow problems. Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt, totaling $72 billion, was unpayable and required restructuring.

According to a 2014 bond offering statement, Puerto Rico has never defaulted on the payment of principal or interest of debt....

ANOTHER FINE MESS YOU'VE GOTTEN US INTO!

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