Puerto Rico asks for moratorium on debt

08 July 2015

 

The governor of Puerto Rico said the island, a US common wealth, could not pay back its estimated US$70bn in debt. Garcia Padilla said the country needed to postpone for several years its debt payments while the island sought to return its economy to growth. “The first step is to revive economic growth...[otherwise] we will never get out of this vicious cycle…”

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