Breaking News: Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’ http://t.co/wZxZZW02VN
— The New York Times (@nytimes) June 29, 2015
Puerto Rico’s governor [Alejandro García Padilla], 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.
Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’ (New York Times)
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I would have lost the chuckling smile there Alejandro, before making that announcement.
Photo is at least as old as 2014: http://mobile.nytimes.com/2014/02/09/us/economy-and-crime-spur-new-puerto-rican-exodus.html
I can spot you a score, Alejandro, but ill need it back by next weekend, leccy bill is due
Puerto Rico is an unofficial US state (it’s an American territory and they use the dollar) — the US could easily absorb that, no?
There’s a litany of things the US is meant to do for Puerto Rico and don’t. See John Oliver’s recent bit on them for a quick intro:
https://www.youtube.com/watch?v=CesHr99ezWE
How in the name of jeeba could they owe $72 billion
Bloated public service
borrowing for 20 years to cover the gap in tax revenues
corruption on a grand scale
Their public sector must be monstrous. And surely the governors notices the debt before now.
It’ll be interesting to see how the comparisons with Greece will pan out on this one.
CONTAGION!