Puerto Rico’s $72 billion in Debt ‘Unpayable’ as Island Seeks Bankruptcy
Puerto Rico, a commonwealth estimated to have roughly US$72 billion in debts, announced this week that the accumulated debt simply cannot be paid. Governor Garcia Padilla stated: As a commonwealth, however, Puerto Rico does not have the option to declare themselves bankrupt. Most of the debt is based on mutual funds or other investments led by individual investors in the U.S., and is therefore difficult to handle or negotiate. “The debt is not payable. There is no other option. I would love to have an easier option. This is not politics, this is math.” Instead, Governor Padilla and his....
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