Puerto Rico's new governor seeks to repay portion of debt

MarketsAssociated Press

Puerto Rico's new governor has scrapped a debt moratorium law and submitted a bill that calls for partial payments of the U.S. territory's nearly $70 billion public debt.

The move aims to appease creditors following multimillion-dollar defaults and help build Puerto Rico's credibility as it seeks to re-enter the market amid a decade-long economic crisis.

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Gov. Ricardo Rossello told reporters on Wednesday that the government will make payments based on what's available after funding essential services.

Legislators of Rossello's party control both the island's Senate and House of Representatives and are expected to approve the bill. It is one of several that Rossello has submitted in recent weeks in a bid to help restart the island's economy.