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Puerto Rico faces financial crisis

Puerto Rico’s Government Development Bank is facing a debt default of $422 million on May 1, while the US Congress grapples with legislation to address the island’s financial crisis.
    
If the Bank cannot reach an agreement with creditors to avoid a default, it may have to rely on a new debt moratorium law.
    
House Majority Leader Kevin McCarthy said, on Tuesday, that he is 'hopeful' the bill to address Puerto Rico's over $70 billion debt, will pass the lower chamber by July 1. 


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