Forget Greece, Puerto Rico is about to default on millions
Puerto Rico is expected to default on $58 million of debt on Monday. The US commonwealth country is increasingly coming under pressure financially as it attempts to restructure $72 billion of debt. Governor Garcia Padilla has described the country’s economy as being in a vicious “death spiral” and announced that the country is unable to pay back its debts. He said: “The debt is not payable. There is no other option. I would love to have an easier option. This is not politics, this is maths.”
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