The Traderszone Network

Published in TZ Latest News 31 July, 2015 by The TZ Newswire Staff

Puerto Rico nears default as debt restructuring beckons

Puerto Rico on Friday planned to cover a payment due on debt owed by its development bank, a source familiar with the matter said, but the U.S. territory may still be short of the funds needed to pay all of the obligations due on Saturday. The U.S. territory is expected to make a $169.6 million payment on Government Development Bank (GDB) debt, according to a source familiar with the situation. Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island’s debt, totaling $72 billion, was unpayable and required restructuring.