Puerto Rico Utility Staves Off Default as Debt Crisis Escalates
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As Puerto Rico confronts a worsening fiscal crisis, its troubled electric company made a critical bond payment, buying time to negotiate with creditors.
The $415 million installment Wednesday from the Puerto Rico Electric Power Authority provided a small break from the financial storm that’s provoked worry in Washington and on Wall Street, where mutual funds and hedge funds for years snapped up the commonwealth’s debt.