Puerto Rico's governor, Alejandro García Padilla:
- Says he needs to pull the island out of a "death spiral"
- Says the commonwealth cannot pay its roughly $72 billion in debts
- The governor & senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the island's creditors
- Could include deferring some debt payments for as long as five years or extending the timetable for repayment
- "The debt is not payable," Mr. García Padilla said. "There is no other option. I would love to have an easier option. This is not politics, this is math."
Raises US municipal bond questions
NY Times for more (may be gated)
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I'm trying to put together an 'any Puert in a storm' in a teacup smart-*** comment. Leave it with me, I'm worn out already
