Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Many of the largest cooperativas in Puerto Rico have agreed to a limited exchange of about $33 million in Government Development Bank bonds in a deal that was announced just days before the island’s government defaulted on $422 million in other bonds.

The deal did not mention any federal support for the state cooperativas and the $33 million is a just drop in the bucket as the cooperativas hold hundreds of millions of dollars in GDB bonds. The GDB said negotiations are continuing with other entities that hold its bonds, including hedge funds. Meanwhile, the island’s government defaulted on $422 million in bonds Tuesday.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

David Baumann


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.