Puerto Rico Debt Crisis: Governor Padilla Loses His Own Party's Support
With the current debt crisis in Puerto Rico, Governor Alejandro Garcia Padilla is slowly losing the backing of his own party. Reuters noted that this could increase the chances that he will not seek reelection for the polls next November. It added that his ratings dived to 12 percent and, worse, mayors and local politicians from his own party, the Popular Democratic Party (PPD), have withdrawn support for him. "Support from such officials in Puerto Rico's towns is crucial for effective governance," noted the same report. It may be bad for Padilla, but Reuters said this is great news for the opposition party, the New Progressive Party (PNP). It is expected to favor holders of the island's debt, amounting to $72 billion. "Creditors would have higher priority in the minds of a PNP candidate," Height Securities analyst, Daniel Hanson, told Reuters. According to Bloomberg , the country faces a dilemma to either pay bondholders $354 million by Dec. 1, ...