The International Swaps and Derivatives Association yesterday said that it has determined that a failure to pay credit event occurred in respect to Puerto Rico missing bond payments of more than $900 million earlier this month, Reuters reported.
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Sens. Orrin Hatch (Utah) and Marco Rubio (Fla.) will be Senate Republicans’ representatives on a bicameral task force charged with coming up with methods to help Puerto Rico emerge from its debt crisis, MorningConsult.com reported on Frday. Rep. Nydia Velázquez (D-N.Y.) and Puerto Rico’s non-voting representative in Congress, Pedro Pierluisi, will represent House Democrats.
Puerto Rico hired Public Financial Management Inc. to serve as the commonwealth’s adviser on capital financing transactions, Bloomberg News reported yesterday.
Puerto Rico Governor Alejandro García Padilla suggested yesterday that the commonwealth’s central government may not be able to borrow from the $3.7 trillion municipal bond market any time soon, as the uncertainty of restructuring the island’s $70 billion debt and its continuing recession weigh on its shrinking population, MarketWatch.com reported.