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Monday, April 11, 2016

Governor Declares Emergency At Government Development Bank

From Caribbean Business:

"Gov. Alejandro García Padilla has declared an emergency period at the
Government Development Bank (GDB), issuing an executive order that
restricts cash outflow at the bank in an effort to preserve its dwindling li-
quidity and ensure essential government services, according to a statement
released by La Fortaleza on Saturday...The measure doesn’t impose a mo-
ratorium on the bank’s debt obligations yet. The GDB faces a $422 milli-
on payment May 2 and the administration has repeatedly stated there is not
enough cash to make the full payment. Waiting to pull the trigger on decla-
ring a moratorium on the bank’s debt service is intended at fostering nego-
tiations between the GDB and its creditors...[CONTINUE READING]

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