Puerto Rico guv will not seek re-election for 2nd term leading this struggling US territory
{{#rendered}} {{/rendered}}The governor of Puerto Rico has announced that he will not seek a second four-year term leading this debt-swamped U.S. territory.
In a brief televised message broadcast Monday, Gov. Alejandro Garcia Padilla says campaigning for November elections as the candidate for the Popular Democratic Party would be a distraction from trying to "get out of this crisis" in Puerto Rico.
Struggling Puerto Rico faces more than $900 million in bond payments in January, including a $357 million general obligation bond payment due Jan. 1. It would be the island' first major default if the payment is not made.
{{#rendered}} {{/rendered}}Last week, Garcia said it was probable that the U.S. island will be unable to make more upcoming debt payments because it has no more money amid a worsening economic crisis.