Katie Lance
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Katie Lance in Economics & Politics,

Puerto Rico governor says debts 'not payable'

Puerto Rico Gov. Alejandro García Padilla said that the commonwealth cannot pay its roughly $72 billion in debts, the New York Times reported Sunday. "The debt is not payable," it quoted the governor as saying in an interview. "There is no other option. I would love to have an easier option. This is not politics, this is math." The report said Puerto Rico would "probably seek significant concessions from as many as all of the island's creditors," including up to five years of deferred payments.