As territory grapples with $72bn debt and a payment due Tuesday,Alejandro García Padilla calls island’s emergency financial measures ‘unsustainable’Puerto Rico’s governor, Alejandro García Padilla, and told the US Senate on Tuesday that the troubled Caribbean island has “no cash left” and can no longer repay its $72bn debts.
The territory announced it would honor a $354m debt payment due on 1 December as Padilla was testifying,but Padilla said austerity measures had not only eaten into fundamental services but caused tax revenues to crater. With more than $900m due in January, the governor said his options were restructuring or disaster. Related: Puerto Rico poised to miss another debt deadline as financial crisis rages on Continue reading...
Source: theguardian.com