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Puerto Rican authorities announced about a suspension of $ 422 million public debt payment, after having unsuccessful negotiations on a possible pathway out of the economic crisis in the country, reports Gazeta, citing the BBC.

The Governor Alejandro Garcia Padilla in his televised address said that he had issued a decree on suspension of the debt payments. He said that decision was painful, and that the government would prefer to have legal bases for restructuring the debts in an orderly manner. Padilla also said that evasion of debt payments can institute lawsuits. It is noted that in July the country has to pay $1.9 billion.

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