Puerto Rico facing historic default on its $72 billion debt

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By  Alan Gomez

Puerto Rico is just days away from a historic economic collapse after the commonwealth’s governor said the island cannot pay its $72 billion in debts.
Gov. Alejandro García Padilla, who took office two years ago, told Puerto Ricans during a televised address Monday that his government’s attempts to slash expenditures and restructure its debt have failed. He said an analysis by former World Bank and International Monetary Fund officials showed the “harsh reality” of the economic situation.
“Our public debt…is unpayable,” he said. “The report states even if we increased taxes and cut back spending, the magnitude of the problem is such, because of the weight of the debt we carry, that it would solve nothing.”

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