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Puerto Rico cannot pay $72bn debt, says governor Padilla

  • Alejandro Garcia Padilla, the governor of Puerto Rico, has said that the American territory cannot pay its debt amounting to $72 billion, and has reached the point of defaulting.

    The governor’s remarks came ahead of talks with legislators. Seeking a moratorium on repayments, Padilla said that he would form a team for restructuring public debt.

    He said that given the “magnitude of the problem” facing the US island, even increasing revenues and cutting costs “would not resolve anything.”

    The White House has, however, ruled out any federal bailout for Puerto Rico.

    Tagged as: Puerto Rico debt, Alejandro Garcia Padilla, Puerto Rico governor, repayments, public debt, White House federal bailout, business news