~~April 10, 2016~~
IN A NUT SHELL
If you don’t know that Puerto Rico is in a huge bind, you have been living under a rock or have been totally consumed by the sideshow of the current American politics and the caucuses/primaries.
Since 2006, Puerto Rico has faced an uphill battle in paying off its debt.
Since then it’s ballooned to $72 billion.
But why does it have so much debt in the first place?
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Puerto Rico’s debt crisis keeps getting uglier
The island has even less money than everyone thought, according to the latest figures out Monday, and it’s having to resort to “extraordinary measures” to pay its bills.
The cash crunch is so bad that Puerto Rico’s prison system is no longer paying the vendor that supplies food for inmates, and some special education instructors have stopped getting paid, according to a senior government official. The island is also delaying people’s tax refunds.
Over the next decade, Puerto Rico must close a nearly $24 billion funding hole, worse than previously projected in September. That’s after raising taxes and severely cutting expenses.
The island’s problems center on how to deal with just over $70 billion in total debt.
“As it appears in … full read/full credit”
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~Why Is Puerto Rico In So Much Debt?~
~Published on Aug 11, 2015~
Since 2006, Puerto Rico has faced an uphill battle in paying off its debt. Since then it’s ballooned to $72 billion.
We ALL are ONE!!