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August 3, 2015

Puerto Rico Misses $58M Debt Payment as Island Teeters into Default 
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In news from Puerto Rico, the government failed to pay a $58 million
debt payment on Saturday. It was the first missed payment in the
commonwealth's ongoing debt crisis. Lawmakers are pushing for
legislation that would allow Puerto Rico to declare bankruptcy, a move
permitted for cities and municipalities inside U.S. states but not for
U.S. territories. Hedge funds are lobbying against the legislation.
According to financial analysts, Saturday's missed payment will push the
commonwealth into official default by the end of the day Monday.

 

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