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Treasury's Lew urges Senate to act on Puerto Rico debt
Source: Reuters
Politics | Mon Jun 27, 2016 8:50am EDT
Treasury's Lew urges Senate to act on Puerto Rico debt
U.S. Treasury Secretary Jack Lew on Monday called on the Senate to take immediate action this week to address Puerto Rico's $70 billion debt crisis before the critical July 1 deadline for the island territory's next debt payments.
"The Senate should take up the matter immediately," Lew said in a letter to Senate Majority Leader Mitch McConnell. "Delay will only jeopardize the ability of Congress to conclude its work before July 1, a critical deadline Puerto Rico's leadership has publicly highlighted for months."
If no action is taken, the crisis there will only ratchet higher, he said in the letter. Puerto Rico faces a deadline on Friday to pay off $2 billion of its debts.
The financially ailing island is staring down $70 billion worth of debt that it says it cannot repay in full, adding to its 45 percent poverty rate and rising emigration to the U.S. mainland that is also cutting into its economic growth.
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Treasury's Lew urges Senate to act on Puerto Rico debt
U.S. Treasury Secretary Jack Lew on Monday called on the Senate to take immediate action this week to address Puerto Rico's $70 billion debt crisis before the critical July 1 deadline for the island territory's next debt payments.
"The Senate should take up the matter immediately," Lew said in a letter to Senate Majority Leader Mitch McConnell. "Delay will only jeopardize the ability of Congress to conclude its work before July 1, a critical deadline Puerto Rico's leadership has publicly highlighted for months."
If no action is taken, the crisis there will only ratchet higher, he said in the letter. Puerto Rico faces a deadline on Friday to pay off $2 billion of its debts.
The financially ailing island is staring down $70 billion worth of debt that it says it cannot repay in full, adding to its 45 percent poverty rate and rising emigration to the U.S. mainland that is also cutting into its economic growth.
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Read more: http://www.reuters.com/article/us-puertorico-debt-idUSKCN0ZD1HQ
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
The debtors speak the wrong language (and are a little too tawny besides).
