Puerto Rico Governor Dismisses Default as Way Out of Crisis
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Puerto Rico Governor Alejandro Garcia Padilla said defaulting on the U.S. commonwealth’s bonds would be a mistake as the island struggles with one of the worst fiscal crises in its history.
In a speech Thursday to lawmakers who hours earlier rejected his proposed tax overhaul, Garcia Padilla said he will craft new steps to steady the junk-rated island’s finances, without disclosing specifics. He rejected the idea of not repaying its bonds, saying it would harm island residents who’ve bought them.