Puerto Rico governor declares payment moratorium
SAN JUAN, Puerto Rico – Puerto Rico Gov. Alejandro Garcia Padilla is expanding an emergency debt moratorium to protect the government’s ability to provide essential services amid a worsening economic situation.
The governor on late Friday signed an executive order that halts payments on notes by the Puerto Rico Infrastructure Financing Authority. He previously enacted a moratorium on other financing authority debt in April and has declared fiscal emergencies at the Government Development Bank and the Puerto Rico Highway and Transportation Authority.
Puerto Rico creditors have filed three different lawsuits challenging an act that gives the Puerto Rico governor the power to declare debt payment moratoriums.
Garcia on Friday urged the U.S. Senate to approve legislation that will address Puerto Rico’s fiscal emergency.
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