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The financial collapse promises to impose deep losses on bondholders who for years snapped up Puerto Rico’s securities, even as the government contended with a shrinking economy and chronic budget shortfalls. (GFR Media)
The financial collapse promises to impose deep losses on bondholders who for years snapped up Puerto Rico’s securities, even as the government contended with a shrinking economy and chronic budget shortfalls. (GFR Media)

Puerto Rico’s governor, Ricardo Rosselló, said the federal Oversight Board (OB) agreed to use bankruptcy-like proceedings to slash the island’s $70 billion debt after failing to strike an agreement with bondholders, pushing the territory toward the biggest restructuring ever by a U.S. state or local government.

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