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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10 thoughts on “Riconomics

  1. Spaghetti Hoop

    I would have lost the chuckling smile there Alejandro, before making that announcement.

  2. Avon Barksdale

    I can spot you a score, Alejandro, but ill need it back by next weekend, leccy bill is due

  3. Starina

    Puerto Rico is an unofficial US state (it’s an American territory and they use the dollar) — the US could easily absorb that, no?

    1. prfeen

      Bloated public service

      borrowing for 20 years to cover the gap in tax revenues

      corruption on a grand scale

      1. Anomanomanom

        Their public sector must be monstrous. And surely the governors notices the debt before now.

  4. Someone

    It’ll be interesting to see how the comparisons with Greece will pan out on this one.

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