Puerto Rico Faces Greek-Style Austerity Nightmare After Default
Puerto Rico could be facing a similar fate as Greece, with massive spending cuts and tax rises, after the debt-laden commonwealth went into default Monday. Puerto Rico was due to make a $58 million bond payment Monday but managed to scrape together just $628,000. Melba Acosta, president of the territory’s Government Development Bank, said the default “reflects the serious concerns about the Commonwealth’s liquidity,” according to Standard & Poor’s.
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