WASHINGTONPresident Barack Obama signed bipartisan debt-relief legislation for Puerto Rico on Thursday, one day before the islands government said it would default on major debt payments.
The legislation wont avoid Fridays imminent default. Instead, it will give the territory a stay from litigation that could have led a judge to order that bondholders are paid, triggering cuts to public services. An oversight board will be in charge of carrying out a financial overhaul that is likely to include debt restructuring.
In an Oval Office signing ceremony, Mr. Obama said the debt crisis has brought enormous hardship to Puerto R…
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