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Puerto Rico Agency Poised to Default on $58 Million Payment

Bloomberg business news

Will the Puerto Rican Debt Crisis Impact PREPA?

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A Puerto Rico agency is poised to default on bonds for the first time Monday, initiating a clash with creditors as the struggling commonwealth seeks to renegotiate its $72 billion debt load.

The government doesn’t have the money for the $58 million of principal and interest due on Public Finance Corp. bonds, Victor Suarez, the chief of staff for Governor Alejandro Garcia Padilla, said during a press conference July 31 in San Juan.