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Puerto Rico: No money available to make $58M bond payment

by DANICA COTO | AP | August 1, 2015

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s government said Friday it would not make a $58 million bond payment due on the weekend and warned that the general fund will run out of liquidity by November if no action is taken.

Gubernatorial Chief of Staff Victor Suarez said at a news conference that the island’s Public Finance Corporation could not meet the payment due Saturday.

“We don’t have the money,” he said, adding that the government still hopes to reach an agreement with creditors on renegotiating its debts.

Gov. Alejandro Garcia Padilla warned several weeks ago that the government and state agencies cannot repay the $72 billion in public debt that hangs over the U.S. territory, which is struggling with a nearly decade-long economic slump.

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About Sam Chaney

Sam Chaney holds a Bachelor of Science in Accounting and Bachelor of Arts in Economics from California State University, Fresno. He worked in the healthcare industry for 5 years as a financial analyst. Sam began his broadcast career on public access television at the Fresno Community Access Media Collaborative in October of 2012 with We Are Change Fresno TV. His shows include interviews with voices you will not hear on the mainstream corporate controlled media. He also broadcasts Weaponized News a talk radio show on 1680AM in Fresno, California with his partner Stuart Webb. Tune in Saturday night's from 6-8PM on 1680AM. He is an owner of the alternative news website WeaponizedNews.Com.

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