From News Is My Business:
Puerto Rico Gov. Alejandro García-Padilla announced Monday a multi-pronged
plan to address the island’s fiscal crisis to work with creditors on restructuring
what he described as the “unpayable” $73 billion debt.
During a televised speech, García-Padilla said a group — comprised of Chief
of Staff Víctor Suárez, Government Development Bank President Melba A-
costa, Justice Secretary César Miranda, Senate President Eduardo Bhatia and
House Speaker Jaime Perelló — will be tasked with striking up “conversations
to achieve, with transparency and consensus, the restructuring of our public
debt.”
“The ultimate goal is a negotiated agreement with bondholders for a deferrment
of payments on the debt for a number of years so that the money can be invested
here in Puerto Rico,” he said...[CONTINUE READING]
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