Puerto Rico can't pay back $70 billion in debt

Tide1986 · Aug 2, 2015

Looks like Puerto Rico is defaulting on $58M in bond payments.

http://www.the-american-interest.com/2015/07/31/here-comes-puerto-ricos-default/

The Puerto Rico meltdown is going to be brutal: Many of the bonds are held by Puerto Rican retirees, either directly or as part of pension fund portfolios. Moreover, the island is a typical example of blue model governance, with a bloated state that doesn’t perform effectively, public sector unions out of control, and lots of poor people who depend on a government that doesn’t serve them very well

Displaced Bama Fan · Jan 18, 2016

Should we consider "freeing" Puerto Rico and de-annex them?

http://www.bloomberg.com/news/artic...hortfall-to-grow-to-23-9-billion-through-2025

Tidewater · Jan 18, 2016

Without a debt restructuring, there will be widespread defaults throughout the commonwealth’s debt stack.

In other words, "We don't mind taking the money and spending it, but when it is time to pay the money back, we don't have the gumption."
At this point, anybody who loans any further money to Puerto Rico deserves what they get.

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Puerto Rico can't pay back $70 billion in debt

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