February 5, 2014 / 9:16 PM / 3 years ago

Puerto Rico gov. wants to renegotiate loans with penalties

1 Min Read

NEW YORK, Feb 5 (Reuters) - Puerto Rico's governor on Wednesday said he will renegotiate loans requiring accelerated payments of as much as $940 million because the heavily indebted Caribbean island lost its investment-grade credit rating.

Gov. Alejandro Garcia Padilla, in a statement issued a day after Standard & Poor's downgraded Puerto Rico's main credit to junk, also said he would cut the current fiscal year's budget deficit by $170 million without layoffs.

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