Sponsored message
Logged in as
Audience-funded nonprofit news
radio tower icon laist logo
Next Up:
0:00
0:00
 — 
See All Episodes
Subscribe

Hey, LA listener!

Download our app for the optimal streaming experience

Apple Store logo Google play logo
  • Listen Now Playing Listen
  • Listen Now Playing Listen
AirTalk

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

By AirTalk Staff
Published May 4, 2016
SAN JUAN, PUERTO RICO - JULY 01: The Puerto Rican Capitol building is seen as the island's residents deal with the government's $72 billion debt on July 1, 2015 in San Juan, Puerto Rico. Governor of Puerto Rico Alejandro Garc?a Padilla said in a speech recently that the people of Puerto Rico will have to make sacrifices and share the responsibilities to help pull the island out of debt. (Photo by Joe Raedle/Getty Images)
The Puerto Rican Capitol building is seen as the island's residents deal with the government's $72 billion debt.
(
Joe Raedle/Getty Images
)
Treasury Secretary Jack Lew at KPCC Radio in Pasadena, CA. May 5, 2016
Treasury Secretary Jack Lew at KPCC Radio in Pasadena, CA. May 5, 2016
(
Jasmin Tuffaha/KPCC
)
Listen 15:49
Interview with Treasury Secretary Jack Lew on Puerto Rico's financial crisis

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