Puerto Rico governor: Creditors should help solve crisis
SAN JUAN, Puerto Rico (AP) — Puerto Rico's governor says creditors are responsible for helping the U.S. island out of its economic crisis because they lent money knowing the government was running a deficit.
Gov. Alejandro Garcia Padilla also sought to clarify comments recently published in The New York Times saying he believes Puerto Rico's $72 billion public debt is unpayable. He said Thursday the debt is not payable with the current state of the economy, which is in a nearly 9-year-old recession.
Garcia said he wants to talk with creditors about how to boost the economy with the money they are owed to help generate enough revenue to make payments under new terms.
On Monday, Garcia announced that he will seek to postpone debt payments.