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Puerto Rico Defaults on Bond Payment
Puerto Rico chose not to make a $58 million bond payment on Monday, a move that essentially amounted to a default for the first time in its 117 years as a United States possession. Although the territory did make a payment on the interest of about $628,000, it said it lacked the funds to make the full payment. In a statement, Melba Acosta Febo, president of the Government Development Bank for Puerto Rico, which owes the money, said: “This was a decision that reflects the serious concerns about the Commonwealth’s liquidity.” The decision not to make the payment — which the bank attributed to a failure by the ... (full story)
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The coincidental success is more dangerous than the expected failure
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