NEW YORK/SAN JUAN (Reuters) - Puerto Rico Governor Alejandro Garcia Padilla said that default "looms large" and that starting on Tuesday, the commonwealth would "claw back revenues" pledged to certain bonds issued in order to maintain public services.
The commonwealth has been speculated to default on all or part of its $355 million notes issued by the U.S. territory's Government Development Bank, due Dec. 1.
"The imminence of a default when presented with the alternative between paying creditors and providing essential government services looms large," Garcia Padilla told the U.S. Senate Judiciary Committee.
"That is why starting today the commonwealth of Puerto Rico will have to claw back revenues pledged to certain bonds issued in order to maintain public services."
(Reporting by Megan Davies and Nick Brown; Editing by Lisa Von Ahn)
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