Puerto Rican officials warned Monday the island’s default on a $422 million bond payment is only the beginning if the U.S. Congress doesn’t help resolve the situation soon.
The U.S. island territory did not make nearly $370 million of the payment that was due, the third and largest since 2015. Gov. Alejandro Garcia Padilla said a much more significant default could occur July 1 if Congress doesn’t restore the government’s ability to restructure debt under Chapter 9.
Garcia blamed lobbyists for hedge funds, which he blasted as “vultures,” for the fact that Congress left on its recess last week with a restructuring bill stalled in committee.
“Our worst enemy at the moment is politics,” he told reporters at a news confe…
Read the full article at: http://abcnews.go.com/International/wireStory/puerto-rico-make-370-million-debt-payments-monday-38806419