Puerto Rican governor Alejandro Garcia Padilla called for a moratorium that would postpone debt payments for years, allowing the country to catch up on payments while also investing at home in key areas like job creation. He also called for the U.S. to allow the country to file for bankruptcy to enabled debt restructuring.
“Puerto Rico needs a complete restructuring and development plan, comprehensive and inclusive, that takes care of the immense problem we face today, not on a short but on a long-term and definitive basis,” said Garcia Padilla.
Although Puerto Rico is a U.S. territory, it is not eligible to file for bankruptcy, an option only open to U.S. municipalities .... http://wakeupfromyourslumber.com
