Newspaper article International New York Times

Puerto Rico Moves to Stop Debt Payments

Newspaper article International New York Times

Puerto Rico Moves to Stop Debt Payments

Article excerpt

Sudden steps complicate Washington's effort to enact a rescue package. The island's House of Representatives is still debating such a measure.

Puerto Rico has taken steps toward a unilateral moratorium on all government debt payments, rejecting efforts in Washington to allow it to restructure only under close federal supervision.

The Puerto Rican Senate authorized a declaration of emergency and a debt moratorium around 3 a.m., after hours of debate. The island's House of Representatives was debating such a measure late Tuesday but had not yet voted. Any bill would need to be signed by the governor, Alejandro Garcia Padilla.

The sudden moves on Tuesday seemed likely to complicate efforts in Washington to enact a rescue package for Puerto Rico. The House Natural Resources Committee, which has been drafting the rescue in consultation with Democrats in Congress and the Treasury Department, said it still planned to issue an updated version on Wednesday, despite Puerto Rico's action. …

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