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Obama Administration Draws Up Economic Rescue Plan for Puerto Rico

The Obama Administration has proposed a plan to rescue the U.S. Caribbean territory of Puerto Rico from $72 billion in debt. The Treasury Department unveiled a plan on Wednesday that would allow the island to seek bankruptcy protection in federal court so it can restructure its debt, an option that is only available for individual cities and municipal agencies.   Puerto Rico's Government Development Bank broke off talks with creditors Wednesday when they refused to accept...

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