Puerto Rico’s power utility struck a deal with a group of creditors that seeks to allow the bankrupt US commonwealth to restructure more than $8 billion of bonds, according to an announcement by government authorities on Friday.
A Chinese state-backed borrower’s failure to make good on a payment on a dollar bond threatens to overturn assumptions that officials would step in to avert defaults by companies closely linked to local authorities.
Chinese regulators have cut the premium that local governments must pay to issue debt, sources with direct knowledge of the matter told Reuters on Tuesday, lowering their borrowing costs as Beijing hopes to kick start investments and shore up growth.
Michael Bloomberg’s record $1.8 billion donation for financial aid to Johns Hopkins University highlights the problem of student debt in America, which can still be a burden even years after graduation.
The number of British households already in debt to their energy supplier before winter begins has grown by more than 300,000 in the past year, according to research, with a total of nearly £400 million owed to power companies.
South Africa may be driven to the International Monetary Fund if its rising debt goes unchecked without the buffer of savings or new sources of tax revenue, the country’s National Planning Commission said.
After shying away from the international financial market, Egypt may well be forced by heavy funding needs to tap it just as turbulence pushes up rates, threatening to undermine its deficit-cutting ambitions.
Egypt's foreign debt has climbed more than 10 percent in less than a year, reaching $88.2 billion in March, the central bank said, despite a raft of painful austerity measures aimed at cutting government spending.