Representatives of the government of Puerto Rico talked to investors Tuesday afternoon, as the U.S. commonwealth tried to assuage market concerns about its ability to repay its massive debt load.
The governor of Puerto Rico told investors, "We will do everything to honor all our commitments."
The comment was the beginning of what was expected to be an up to three-hour presentation, with 75 PowerPoint slides, all designed to calm investor worries.
The island has more than $70 billion in debt, much of which has fallen in value as investor concerns have grown. As part of the presentation, the government announced its budget deficit for fiscal year 2014 is expected to be $820 million, down from a preliminary estimate of $1.29 billion in 2013, and $2.38 billion in 2012.
The government also said it plans to raise an additional $500 million to $1.2 billion during the remainder of this year, subject to market conditions, but that the Government Development Bank has "the financial flexibility" to adjust the financing plan. The Government Development Bank serves as a fiscal agent and financial advisor for the commonwealth.