Puerto Rico officials warn government shutdown imminent

April 22, 2015 10:58 PM

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Puerto Rico officials warn government shutdown imminent

NEW YORK (Reuters) - Puerto Rico's Government Development Bank (GDB) has warned the government would likely face a shutdown in three months because of a lack of liquidity and said a financing deal currently appears unlikely, according to a letter sent to lawmakers.

Puerto Rico faces a fiscal crisis and is trying to raise $2.95 billion in new financing while pushing through unpopular tax reforms such as hiking the value-added tax and increasing a levy on crude oil to help pay for it.

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