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Bernier Insists on Continued Debt Negotiations with Creditors

By on April 30, 2016

SAN JUAN – Popular Democratic Party gubernatorial candidate David Bernier on Saturday called for negotiations on the public debt to continue to be pursued to avoid a public debt payment default.

It is expected the government will default Monday on a more than $400 million payment to creditors.

Assuring that negotiations are still viable, Bernier said continuing these should be the path the government takes “amid the reality that Congress has not approved a tool that allows for appropriate debt restructuring. A debt for which the federal Supreme Court has yet to make a decision on the local bankruptcy law,” Bernier said after a meeting with members of his party, which he presides.

IMG_2799_350280786He added that the government needs to “intensify its efforts” to negotiate with creditors to reach an understanding that allows for the debt’s principal to be postponed while interest continues to be paid. He added that pensioners, cooperatives and Puerto Rican creditors get paid with those payments.

“I can attest there is the will [on the part of bondholders] that it be the path to follow,” he said.

Bernier urged that “not a single second be wasted in the time left to achieve that understanding with creditors and avoid a default.”

Inter News Service

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