Puerto Rico governor calls for swift debt restructuring

by The Associated Press Posted Dec 31, 2016 9:00 am MDT Last Updated Dec 31, 2016 at 9:40 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Puerto Rico governor calls for swift debt restructuring SAN JUAN, Puerto Rico – Puerto Rico Governor Alejandro Garcia Padilla is urging his successor to demand that a federal control board overseeing government finances move immediately to restructure much of its nearly $70 billion in debt.The outgoing governor tells Governor-elect Ricardo Rossello in a letter released Friday night that the commonwealth cannot afford to pay $3.5 billion in annual debt service.He says Puerto Rico faces $3 billion in additional liabilities by 2018 after federal health care funding sources and pension system assets are depleted and warns that action is needed before a litigation stay against creditor lawsuits expires in February.The board can restructure debt through a court-supervised bankruptcy process but board chairman Jose Carrion has said it will try to reach voluntary deals with creditors.Rossello takes office on Jan. 2. read more