Governor Alejandro Garcia Padill says island can’t pay debts due without cutting fundamental services,after failed attempt to negotiate a settlementGovernor Alejandro Garcia Padilla announced that Puerto Rico’s government will not fabricate (to make up, invent) nearly $370m in bond payments due Monday after a failure to restructure or find a political solution to the US territory’s spiralling public debt crisis.
Garcia said Sunday that he had issued an executive order suspending payments on debt owed by the island’s Government Development Bank, a default that will likely prompt lawsuits from creditors and could be a prelude to a deadline to a much larger payment due 1 July.
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Source: theguardian.com