Calling on Congress to take swift action to create a debt restructuring mechanism and saying resources are “scarce,” Puerto Rico Gov. Alejandro García-Padilla confirmed Sunday he has ordered a moratorium on the debt service payments due from the Government Development Bank.
The Center for Investigative Journalism (CPI, as it is known for its initials in Spanish) scored a legal victory in its fight against the government for access to information on the identity of Puerto Rico’s bondholders.
Two Government Development Bank board members are stepping down from their posts, saying, among other things, that the recently approved Puerto Rico Emergency Moratorium and Financial Rehabilitation has restricted the scope of their authority to make important decisions.
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