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Puerto Rico Lacks Cash for Aug. Bond Payment, Official Says

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Puerto Rico currently lacks the funds needed to make a payment due next month on bonds sold by its Public Finance Corp., a government official said.

Victor Suarez, the chief of staff for Governor Alejandro Garcia Padilla, told reporters Monday in San Juan that whether the payment is made will depend on if the commonwealth has cash available. He didn’t say whether the island will be able to do so. The commonwealth is also working on a short-term borrowing backed by oil-tax revenue, Suarez said.