Puerto Rico unveils new proposal to restructure debt

April 11, 2016 12:19 PM

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SAN JUAN, Puerto Rico – Puerto Rico has released a new proposal to restructure part of its $70 billion debt to buy time and implement a fiscal growth plan.

The plan released Monday calls for issuing up to $28 billion in new bonds that would allow creditors to be paid regardless of future economic growth rates. The government says the deal would allow Puerto Rico to cut $12 billion to $16 billion from its debt load.

Also read: Fed’s Crisis-Era, Bond-Buying Plan Was Largely Ineffective, Economists Say

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