Puerto Rico Says Will Default Tomorrow, Begs Congress For Help “Or Else Crisis Will Get Worse”
by Tyler Durden
ZeroHedge.com
05/01/2016
Update: PR Governor Padilla has spoken…
*PUERTO RICO GOVERNOR SAYS WON’T PAY DEBT TOMORROW
*PUERTO RICO GOVERNOR SAYS ISLAND WON’T PAY DEBT MONDAY
*PUERTO RICO GOVERNOR: GOVERNMENT SIGNED MORATORIUM BILL YESTERD
*PUERTO RICO NEEDS DEAL W/ CREDITORS AND/OR CONGRESS: GARCIA
And of course, demands a bailout…
*PUERTO RICO GOVERNOR CALLS ON U.S. CONGRESS, PAUL RYAN FOR HELP
And then threatens…
*CRISIS WILL GET WORSE IF U.S. CONGRESS DOESN’T HELP: GARCIA
*PUERTO RICO GOVERNOR CONCLUDES REMARKS TO COMMONWEALTH
As we detailed earlier, It’s D-Day in Puerto Rico. As Bloomberg reports, investors are finding little comfort in the Puerto Rico Government Development Bank’s efforts to strike a last-ditch agreement with creditors to soften the blow of a default this weekend. The bonds that mature today (May 1st) have crashed to just 20c (disastrously below the 36-cent recovery rate the commonwealth proposed in March).
The Rest…HERE
