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The governor of Puerto Rico has expanded an emergency debt moratorium on some notes issued by the U.S. territory? check here financing authority.
Alejandro Garcia Padilla made the decision late Friday, saying it had been necessary to protect the government?s capability to provide essential services at a time once the economic outlook is worsening. The move was needed, he said, to ?ensure the 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 solution to suspension of any past or future lawsuits linked to the nonpayment of a few of Puerto Rico? more info .
The U.S. Senate is expected to vote on the measure before Puerto Rico is scheduled to create 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 does not have the money to cover the bond payments that come due on July 1 and would need to default.
get more info , 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 completely.
Padilla urged the Senate on Friday to approve the pending legislation linked to the restructuring of Puerto Rico's debt.
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