PRESS DIGEST- New York Times business news - June 29
June 29 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
* Puerto Rico's governor, saying he needs to pull the island out of a "death spiral," has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions. (nyti.ms/1C0gSgr)
* Greece's Prime Minister Alexis Tsipras announced Sunday night that Greece's banks would be closed as of Monday, as the fallout from ruptured debt negotiations with the nation's creditors began inflicting pain on ordinary people while raising alarm in Washington, Brussels and Berlin. The emergency measures escalated the confused and unpredictable state of a crisis that some analysts say could ripple through global financial markets and undercut European unity. (nyti.ms/1RKejRk)
* China's central bank cut interest rates on Saturday and reduced the reserves that certain banks must hold. The two measures send a signal that the government may not be eager to see an abrupt end to a stock market rally that has seen prices more than double in the last 12 months. (nyti.ms/1edJnvM)
* Fiat Chrysler is telling the owners of about five dozen Jeep Grand Cherokees and Dodge Durango sport utility vehicles to immediately stop driving them. The vehicles, from the 2015 model year, have a suspension component that could fail, causing rear-end instability and possibly reduced braking power. (nyti.ms/1HqOLct) Continuación...