Even before Hurricane Irma and Maria, Puerto Rico was facing a economic crisis. The small island owes more than $73 billion with the majority of the stake owned by Americans.
President Trump has stated the debt must be wiped out, though White House staff have since distanced themselves from this statement.
“There is no capacity for any debt payments in the coming decade, and the entire debt stock will need to be massively written-down to make the island’s recovery feasible”, according to the Washington Post.
Amid the humanitarian crisis of rebuilding from the devastating hurricanes and the largest U.S. municipal bankruptcy, Puerto Rico has a long road ahead in order to stabilize its economy.
You can read more here...
https://www.washingtonpost.com/opinions/dont-expect-debt-payments-from-puerto-rico-any-time-soon/2017/12/11/ae11cd44-de98-11e7-89e8-edec16379010_story.html?utm_term=.010e9441feb9
President Trump has stated the debt must be wiped out, though White House staff have since distanced themselves from this statement.
“There is no capacity for any debt payments in the coming decade, and the entire debt stock will need to be massively written-down to make the island’s recovery feasible”, according to the Washington Post.
Amid the humanitarian crisis of rebuilding from the devastating hurricanes and the largest U.S. municipal bankruptcy, Puerto Rico has a long road ahead in order to stabilize its economy.
You can read more here...
https://www.washingtonpost.com/opinions/dont-expect-debt-payments-from-puerto-rico-any-time-soon/2017/12/11/ae11cd44-de98-11e7-89e8-edec16379010_story.html?utm_term=.010e9441feb9
