Garcia Padilla also called on the U.S. government to extend the Chapter 9 bankruptcy code to include the island. His comments come as the island's economic and fiscal situation grow more dire and concerns increase among its bondholders and investors, who are also digesting fiscal problems in Greece.
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Garcia Padilla recently set off fears by calling Puerto Rico's debt "unpayable." On Monday, he expanded on its ability to meet the obligations, saying it does not generate enough income to afford them.
In implementing measures to cut costs, Garcia Padilla would not endorse minimum wage cuts, he added.
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— Reuters contributed to this report