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Chairman of Puerto Rico bank resigns amid economic crisis

Chairman of Puerto Rico Government Development Bank resigns amid economic crisis

Chairman of Puerto Rico bank resigns amid economic crisis

SAN JUAN, Puerto Rico (AP) -- The chairman of Puerto Rico's Government Development Bank has stepped down as the U.S. territory tries to emerge from an economic crisis.

David Chafey Jr. said Wednesday that he resigned for personal reasons. He did not provide further details.

The bank oversees the island's debt transactions and is struggling to boost its dwindling liquidity. Puerto Rico holds some $72 billion in public debt and is in its eighth year of recession.

Chafey resigned a day after the executive director of the island's heavily indebted public power company stepped down.

Investors have grown increasingly concerned that some of Puerto Rico's agencies might declare bankruptcy.


Updated : 2021-04-13 20:52 GMT+08:00