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Puerto Rico Governor calls on US Congress to act


05-03-2016 16:50 BJT

Puerto Rico Governor Alejandro Garcia Padilla says the debt restructuring framework deal between Government Development Bank and some creditors was a worthwhile move. The governor is now asking the U.S. congress to act on the agreement.

"We are going to find our fate in the hands of judges, either here or abroad, either on the federal or local level, in Puerto Rico or other parts of the United States. Just recently, a federal judge who with the option of giving $115 million to the people of Puerto Rico, they preferred to give to Wal-mart. We are at the mercy of this kind of decision. Congress has to act," said Alejandro Garcia Padilla, Puerto Rican governor.

The US Congress is debating a bill that would put the island's finances under federal oversight and allow it to restructure debt in a bankruptcy-like process. But the bill faces criticism from conservative and liberal wings of both parties.

Puerto Rico's Government Development Bank defaulted on the payment of a 422 million debt on Monday. The bank acts as the main depositary and liquidity source for public agencies. Its default is the most significant yet in Puerto Rico.

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