Puerto Rico to default on debt payment after crisis talks failMay 2, 2016 - 16:42 AMT PanARMENIAN.Net - Puerto Rico has halted a $422m debt payment due on Monday, May 2 after talks to ease the U.S. territory's crisis ended without a deal, BBC News reports. Governor Alejandro Garcia Padilla said in a televised speech he had issued an executive order suspending payments. He described it as a "painful decision", but had been warning since last year that the island's public debt of more than $70bn was unpayable. The U.S. Congress has tried without success to agree a solution. "Let me be very clear, this was a painful decision," Mr Garcia said in a speech. "We would have preferred to have had a legal framework to restructure our debts in an orderly manner." He acknowledged before the weekend that if the payment was not made, it was likely to spark legal action from creditors. A further debt payment of $1.9bn is due in July. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |