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Treasury Secretary Calls For Immediate Action On Puerto Rico

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On Monday, U.S. Treasury Secretary Jack Lew 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. 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." 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. Adding to its 45 percent poverty rate and rising emigration to the U.S. mainland that is also cutting into its economic growth, the country says it cannot repay in full.

Added on the 27/06/2016 08:38:55 - Copyright : Wochit

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