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DarkKnightNomeD

Default Set to Push Puerto Rico’s Debt Crisis onto Dangerous New Ground

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Posted (edited)

I don't have a Wall Street Journal account. You probably could find an article on this topic online though.

Treasury Secretary Jacob Lew warned on Monday that a U.S. “taxpayer-funded bailout may become the only legislative course available” if Congress doesn’t approve the proposed restructuring legislation. The warning came in a letter sent to Congress.

 

Default Set to Push Puerto Rico’s Debt Crisis onto Dangerous New Ground

http://www.wsj.com/articles/puerto-ricos-debt-crisis-turns-up-the-heat-on-congress-1462219483

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Puerto Rico’s debt crisis moved into a more treacherous phase for residents, lawmakers and bondholders Monday, with the expected default by the Government Development Bank on a $422 million payment.

The likely missed payment, the largest so far by the island, is widely viewed on Wall Street as foreshadowing additional defaults this summer, when more than $2 billion in bills are due.

Edited by DarkKnightNomeD

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