Puerto Rico

US Congress Delayed Work on Puerto Rico Debt Relief Bill, Blaming Obama Administration

The U.S. Congress has delayed work on Puerto Rico debt bill. Originally, the bill was scheduled to be the subject of hearing on Wednesday before receiving final amendments on Thursday. After that, it will be sent for debate on the House.

Puerto Rico Desperately Needs US Help to Handle Debt

Puerto Rico, the island territory of U.S. is in the crisis due to its surmounting debt. Governor Alejandro Garcia Padilla repeated the island's debt will lead to moratorium.

Puerto Rico in troubled waters, stalls debt payments to provide essential services

Puerto Rico has run into deep economic crisis, with its fiscal agent, the Government Development Bank, running out of reserves to cover even essential services. The government is tilting towards holding on to its debt repayments to sustain the island as a going concern, but their plea to creditors and the Congress to bail them out of the crisis is met with resistance on both fronts.

Government Development Bank's $72 billion in debt is making Puerto Rico possibly America's Greece

Puerto Rico's Government Development Bank is struggling to manage $72 billion in debt, the majority of which is from its own making. The first payment of $355 million of the general obligation debt is due December 1, but the country seems that it will have to default on that payment and subsequent payments. The debt was created from excessive lending and now the governor has asked the help of the US government to allow the country to file Chapter Nine bankruptcy.

Puerto Rico Power Agency to Get Extension from Bondholders to Pay $8 billion Debt

The Puerto Rico Electric Power Authority gets an extension from its bondholders to negotiate how it would restructure its $8.3 billion debt.

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