Puerto Rican bank seeks US bailout
Published:Monday | March 16, 2009 | 7:35 PM
Vice president of the Government Development Bank in Puerto Rico, William Lockwood says the bank is seeking a five billion dollar loan from the US Federal Reserve to help the island withstand the economic crisis.
Lockwood says the loan will be used to boost private-sector businesses and diversify the economy with a focus on exports, as well as reduce costs for state power and utility companies.
The bank has already requested funds through the Troubled Asset Relief Programme, which provides federal bailout money.
The Puerto Rico government reportedly faces a $3.2 billion deficit.