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Puerto Rico Files for Bankruptcy

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Puerto Rican Governor Ricardo Rosselló announced Wednesday the island would seek to address its $70 billion debt crisis in federal bankruptcy court, marking the largest municipal bankruptcy filing in U.S. history. ‘We have sustained our position to negotiate in good faith, but before the current scenario, we choose to protect our people,’ Rosselló said Wednesday in a tweet. The announcement came a day after Puerto Rico was hit by several lawsuits from major creditors to recover millions of dollars they invested in bonds issued by the island’s government, which has declared several defaults throughout its decade-long recession.”

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