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Interview with Treasury Secretary Jack Lew on Puerto Rico's financial crisis




The Puerto Rican Capitol building is seen as the island's residents deal with the government's $72 billion debt.
The Puerto Rican Capitol building is seen as the island's residents deal with the government's $72 billion debt.
Joe Raedle/Getty Images
The Puerto Rican Capitol building is seen as the island's residents deal with the government's $72 billion debt.
Treasury Secretary Jack Lew at KPCC Radio in Pasadena, CA. May 5, 2016
Jasmin Tuffaha/KPCC


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On Sunday Puerto Rico missed its deadline to make a $422 million (m) bond payment for its Government Development Bank.

That increases pressure on Congress to intervene and stabilize the island's finances.

Looming is a July first deadline for a $2 billion (b) bond payment. Over $805 million (m) of that are general obligation bonds. It's a big deal if the U.S. territory defaults. Congress is expected to take up Puerto Rico legislation when it reconvenes next Tuesday.

On AirTalk today, Treasury Secretary Jacob "Jack"  Lew talked about finding a fix, the political will, and the consequences facing Puerto Ricans.

Guest:

Jacob Lew, United States Secretary of the Treasury