Puerto Rico approves law that calls for partial debt payment
Jan 30, 2017
Puerto Rico's governor has signed a fiscal emergency law that in part aims to pay some of the U.S. territory's nearly $70 billion public debt
SAN JUAN, Puerto Rico — Puerto Rico's governor has signed a fiscal emergency law that in part aims to pay some of the U.S. territory's nearly $70 billion public debt.
Ricardo Rossello said a portion of the money left over after essential services are paid would go toward paying bondholders. The law also extends a debt moratorium until May 1 and gives Rossello the option to extend it for three more months if needed.
Legislators approved the bill following several amendments, including requiring their approval before the governor can take out loans or issue new bonds.
Rossello signed the bill on Sunday.
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