Puerto Rico's governor welcomes bond sale, to announce cost cutting

NEW YORK, March 11 Tue Mar 11, 2014 4:27pm EDT

NEW YORK, March 11 (Reuters) - Puerto Rico's governor Alejandro Garcia Padilla welcomed the U.S. territory's $3.5 billion bond sale on Tuesday, which was heavily oversubscribed, and said he plans to announce detailed cost cutting measures in the weeks ahead.

"We have showed with concrete actions that we are doing what it takes in order to solve the great challenges the country faces. We will achieve this together. Together we will achieve Puerto Rico's recovery," Padilla said in a statement.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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