Puerto Rico defaults on almost half of July 1 debt payment
Despite the final approval of its financial relief bill, Puerto Rico defaulted on US$911mn of the almost US$2bn debt payment due on July 1.
The default is the first of the three on the part of the US territory to include debt guaranteed by the Puerto Rican constitution.
"Even if I close the government today there is not enough money to make the complete payment," Puerto Rico governor Alejandro García Padilla (photo) was quoted as saying by local daily Primera Hora.
"Puerto Rico was a Wall Street colony, but now we're starting to take it back from the hands of our creditors and return it to Puerto Ricans," said Garcia Padilla, who added that now, for the first time in history, Puerto Rico was achieving a reduction in debt.
Audited financial statements show that Puerto Rico's largest public pension fund has exhausted its assets and is insolvent, according to news agency Reuters.
The Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), as the financial relief bill is known, gives the US territory debt restructuring capabilities and establishes an Oversight Board.
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