Puerto Rico’s Bonds Drop on Governor’s Warning About Debt

June 29, 2015 3:59 PM

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Puerto Rico’s Bonds Drop on Governor’s Warning About Debt

The price of Puerto Rico’s bonds dropped on Monday after the island’s governor said that his government could not pay its $72 billion in debts. At least one lawmaker called for Congress to allow Puerto Rico’s public corporations to declare bankruptcy.

Gov. Alejandro Garcia Padilla announced in an interview that was published in The New York Times on Monday that the island’s debt was “not payable” and suggested that he would seek significant concessions from many of the island’s creditors and perhaps all of them.

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