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  Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable
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ContributorIndyGeorgia 
Last EditedIndyGeorgia  Jun 29, 2015 07:56am
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CategoryNews
AuthorMichael Corkery and Mary Williams Walsh
MediaNewspaper - New York Times
News DateMonday, June 29, 2015 01:00:00 PM UTC0:0
DescriptionPuerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

The governor, Alejandro García Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the island’s creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment.

“The debt is not payable,” Mr. García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.”

It is a startling admission from the governor of an island of 3.6 million people, which has piled on more municipal bond debt per capita than any American state.
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