REUTERS
May 17, 2017
| NEW YORK
NEW
YORK Puerto Rico is due to embark on a bankruptcy process on Wednesday that
could take years to resolve, as investors scramble to get the highest recovery
on their bonds. The
debt is still trading at elevated levels versus what the government has set
aside for payment under its financial recovery plan, and creditors worry about
whether they will be able to recoup at those prices.
Puerto
Rico, with 3.5 million U.S. citizens, has spent the last ten years in recession
with debt piling up to pay for basic services. The poverty rate is at 45
percent, unemployment is at 11 percent and the population is shrinking as
islanders emigrate to the mainland United States in search of a better life.
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