Gov: Puerto Rico default likely on upcoming bond payments

PUBLISHED: 19:10 GMT, 9 December 2015 | UPDATED: 19:10 GMT, 9 December 2015

Sello del Gobernador de Puerto RicoSAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor says it is very probable the U.S. territory will not be able to make any more upcoming debt payments because it has run out of money.
Alejandro Garcia Padilla spoke Wednesday while on a trip to Washington D.C. to meet with Republican legislators and others to talk about Puerto Rico’s economic crisis. Congress could decide on Friday whether to grant Puerto Rico public agencies access to Chapter 9 bankruptcy provisions.
Puerto Rico faces a $357 million general obligation bond payment on Jan. 1. It would be the island’s first major default if the payment is not made. Puerto Rico’s Public Finance Corporation already missed a $58 million bond payment in August.
The government recently made a $354 million bond payment despite speculation it would default on it.
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