Puerto Rico is in the midst of what its governor, Alejandro García Padilla, pronounced to the New York Times is a "death spiral." It faces $73 billion in debt, double digit unemployment and has been for several years watching many in its middle class leave the island for the U.S. to flee its economic woes. The commonwealth's debt status is now graded as "junk" and deadlines for debt repayments are days away.
Padilla said over the weekend that the island country's debt "is not payable," the Times reported. He scheduled a 5 p.m. EDT Monday address on the crisis.
I know Puerto Rico isn't exactly a major cog in the world economy, but this seems weirdly under-reported. I had no idea about this until today.
RicoFoleyMember Since 26 Jan 2011
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