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02

Puerto Rico Defaults on Principal of $422 Million Debt Payment

By Tony Seruga

Alejandro García Padilla, governor of Puerto Rico, is seen giving a speech on a television screen in a bar in San Juan on Sunday. CreditErika P. Rodriguez/Bloomberg

Puerto Rico’s default on most of a $422 million debt payment on Monday puts the spotlight back on Washington to enact a rescue package for the island, and congressional aides said a revised bill would be introduced next week.

On Monday, Treasury Secretary Jacob J. Lew renewed his call on Congress to act swiftly, warning in a letter to House Speaker Paul Ryan that without a legal framework for a debt restructuring, Puerto Rico is in danger of getting caught in “a series of cascading defaults” that could lead to a taxpayer bailout…

Puerto Rico Defaults on Principal of $422 Million Debt Payment

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