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get more info of Puerto Rico has expanded an emergency debt moratorium on some notes issued by the U.S. territory?s infrastructure financing authority.
Alejandro Garcia Padilla made a decision late Friday, saying it was necessary to protect the government?s ability to provide essential services at the same time when the economic outlook is worsening. The move was needed, he said, to ?ensure the general public health, safety, education and well-being? of Puerto Rico's residents.
Padilla enacted a moratorium on other financing authority debt in April and contains declared fiscal emergencies at the federal government Development Bank and Puerto Rico Highway and Transportation Authority.
Earlier this month, the U.S. House of Representatives passed legislation developing a board to oversee a restructuring of the island's debt, giving way to suspension of any past or future lawsuits related to the nonpayment of some of Puerto Rico?s debts.
The U.S. Senate is expected to vote on the measure before Puerto Rico is scheduled to make July 1 debt payments of nearly $2 billion. President Barack Obama?s administration has backed the measure as a compromise.
During a forum in Washington earlier in the week, Padilla repeated that Puerto Rico doesn't have the money to cover the bond payments which come due on July 1 and would need to default.
Puerto Rico, with 3.5 million U.S. citizens and a 45 percent poverty rate, has $70 billion worth of debt that it says it cannot repay in full.
Padilla urged the Senate on Friday to approve the pending legislation related to the restructuring of Puerto Rico's debt.
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