Start Dating site dating in puerto rico 2016

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The payments include more than $1 billion in general obligation bonds, the island's highest tiered credit that carries a constitutional lien on revenues.

The largest default prior to this was on May 2 when the Government Development Bank, which formerly acted as the island's primary fiscal agent and lender of last resort, defaulted on $367 million due to its bondholders.

Assured Guaranty, Ambac and National, a wholly owned subsidiary of MBIA, collectively have more than $800 million in exposure to the total payments due Friday.

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PROMESA is designed to help create a path for the commonwealth and its creditors to achieve an orderly restructuring of the island's massive $70 billion debt burden—the bill also creates an immediate stay on litigation, providing the government protection from bondholder lawsuits.

The defaults that are set to occur on Friday will not be the first for the beleaguered U. Territory—Moody's estimates that the island has defaulted on $562 million of debt service payments since August—however, a missed or partial payment on the GO bonds will be the first default on a security that carries the highest priority of repayment under Puerto Rico's constitution.

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