Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Puerto Rico to cut budgets, renegotiate loans following credit downgrade

SAN JUAN, Puerto Rico - Puerto Rico's governor says he is renegotiating the payment of short-term debt and has ordered all government agencies to reduce their current budgets by 2 per cent after the island's credit rating was downgraded to junk status.

Alejandro Garcia Padilla made the announcement Wednesday on radio station WKAQ.

Spokeswoman Paola Figueroa tells The Associated Press that the governor will make additional announcements later Wednesday in response to the downgrade.

Garcia said Tuesday that he also would be submitting legislation to further reduce the deficit and would present a deficit-free budget for the upcoming fiscal year.

Puerto Rico is in its eighth year of recession while struggling with $70 billion in public debt and a 15.4 per cent unemployment rate, higher than any U.S. state.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates