Reuters Puerto Rico’s government earlier this week put out a rescue plan to save its economy from collapsing under $ 73 billion worth of debt. In a televised address, the Governor said the island might run out of cash as early as November unless immediate action was taken. Already, though, it’s clear the market doesn’t […]

Reuters A young mask man associated with the group Puerto Rico is $ 72 billion in debt over its head, and it’s going to take a painful process to bring the island’s finances back from the brink.  It’s a massive debt load for such a small territory, and the problem can really be traced to one […]

REUTERS/Alvin Baez-Hernandez People sit in a restaurant while listening to an address by Governor Alejandro Garcia Padilla during a televised speech in San Juan, Puerto Rico, June 29, 2015. SAN JUAN, Puerto Rico (AP) — Most tables are empty at Walter Martin’s coffee shop in San Juan’s colonial district. His brow is furrowed with concern […]

Reuters/Alvin Baez A man waves a national flag as protesters march through San Juan May 13, 2015. University students and employees took to the streets to protest against government plans to implement cuts to public university budgets, according to local media. (Reuters) – UBS AG is backing away from its own Puerto Rico bond funds, […]

As the Euro-zone deals with Greece, the U.S. must deal with what’s being described by some as the “Greece of the Caribbean” – Puerto Rico. The Caribbean island’s Governor, Alejandro García Padilla, has warned that if the island can’t pay its $ 72 billion debt it will descend into a “death spiral”. His comments followed the publication of an independent report […]

REUTERS/Alvin Baez Advertising covers the abandoned structure of an unfinished condominium in the Condado tourist district of San Juan, August 31, 2013. Puerto Rico now belongs to Wall Street. Since the Governor of the US territory has admitted that it can’t keep paying down the over $ 72 billion worth of public debt obligations, it finds […]