Blow to bonds and banking

On June 29, 2015, El Nuevo Día reported that, only hours after Governor Alejandro García Padilla told The New York Times that Puerto Rico’s debt is unpayable, shares of Puerto Rican banks fell on Wall Street and general obligation bonds (GOs) dropped 10% in morning trading.

According to the dek, the governor’s remarks pushed Puerto Rico bonds and local bank shares lower.

This desk does not invent tickers, closing prices, or debt amounts beyond the lede: the rest of the body may sit behind a paywall.

A political statement is not a formal default. A market price drop is not a disbursement or theft.