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Puerto Rico is facing a major debt crisis,and the U.
S. territory announced on Sunday that it is unable tomake a $422 million debt payment that's due by the halt of nowadays.
Unlike Detroit or Atlantic City, Puerto Rico can't declare bankruptcy. Officials in Puerto Rico say paying off its massive debt means the government may have to slit essential services, and like police patrols and electricity.
Cate Long,the founder of the bond research service Puerto Rico Clearinghouse, warned approximately Puerto Rico defaulting on its debts back in 2012.
Source: wnyc.org