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Puerto Rican Governor Alejandro Garcia Padilla late on Friday declared a suspension of any payments on some debt issued by the U.S. territory's infrastructure financing authority, citing the authority granted under a local emergency debt moratorium law. Garcia Padilla signed an executive order that applies to "certain Puerto Rico Financing Authority (PRIFA) notes," a statement from the government said. Garcia Padilla said in the statement that the PRIFA notes were now covered obligations "pursuant to the Puerto Rico Emergency Moratorium and Rehabilitation Act," which the Puerto Rican legislature passed in April.
By William James and Michael Holden LONDON (Reuters) - Britain was under pressure on Saturday to set out a quick timetable for a divorce from the European Union after the country's historic vote to leave the bloc sent shockwaves around the world. Ratings agency Moody's downgraded its outlook for Britain, saying its creditworthiness was now at greater risk as the country would face substantial challenges to successfully negotiating its exit from the bloc. European Commission President Jean-Claude Juncker said he wanted to begin negotiating Britain's departure immediately.
Founding EU members held a crisis meeting Saturday on the future of the bloc after Britain's seismic vote to leave the union and the resignation of Prime Minister David Cameron. Paris and Berlin will present their partners with "concrete solutions" to make the EU "more effective", Ayrault told AFP.