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Puerto Rico passes bill allowing halt to debt payments
Is Illinois next?
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By Mary Williams Walsh
The New York Times
Wednesday, April 6, 2016
Gov. Alejandro García Padilla of Puerto Rico on Wednesday signed a bill that would allow him to declare an emergency and give him authority to halt payments on the island's crushing $72 billion debt.
The measures capped two days and nights of marathon debate in Puerto Rico's legislature, where lawmakers from the main opposition party called any unilateral debt moratorium dangerous and members of the governor's party insisted that doing nothing would be even worse.
In Washington, House Republicans seeking to rescue Puerto Rico prepared to release a revised plan that includes a federal oversight panel. The proposal has been contentious on the island, where the governor and his top advisers are increasingly at odds with investors over how to restructure the debt, most of it in the form of municipal bonds. ...
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