[text] Puerto Rico Bond Yields Hit Record Highs as Commonwealth States It is Low on Cash and Will Pay for Essentials Before Creditors | Zero Hedge

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"Puerto Rico’s bondholders face mounting risks as the commonwealth veers toward default. As Bloomberg notes, a spokesman for Governor Alejandro Garcia Padilla said Thursday that while the commonwealth intends to meet its obligations, the government could run out of cash and will pay for essential services over creditors. That announcement came a week after the Obama administration proposed giving the commonwealth unprecedented authority to restructure its entire debt burden through bankruptcy protection, a proposal the governor endorses."

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[text] Puerto Rico Bond Yields Hit Record Highs as Commonwealth States It is Low on Cash and Will Pay for Essentials Before Creditors | Zero Hedge