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Puerto Rico's governor yesterday called for the commonwealth to be allowed to restructure its debts under U.S. Bankruptcy Code, while a newly appointed adviser to the U.S. territory said it is "insolvent" and will soon run out of cash, Reuters reported yesterday.
Puerto Rico's governor confirmed yesterday that his administration recently pursued a proposal to request that the U.S. Congress allow the island's heavily indebted government to declare bankruptcy amid an economic crisis, the Associated Press reported yesterday. Gov. Alejandro Garcia Padilla's public acknowledgement of the proposal comes as the U.S.