Puerto Rico default imminent amid congressional inaction

uerto Rico’s Government Development Bank (GDB) is facing a default on $422 million in debt repayments due on May 1, while Congress so far unsuccessfully grapples with legislation to address the island’s financial crisis.

If the GDB cannot reach an agreement with creditors to avoid a default, it may have to rely on a new debt moratorium law, Jesus Manuel Ortiz, a spokesman for Governor Alejandro Garcia Padilla, said on Wednesday during a press conference in San Juan.

Read more: http://www.caribbeannewsnow.com/topstory-Puerto-Rico-default-imminent-amid-congressional-inaction-30204.html