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Puerto Rico In Death Spiral, Debts Are Not Payable.
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Puerto Rico In Death Spiral, Debts Are Not Payable.Posted:
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Joined: Jan 13, 201113Year Member
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Status: Offline
Joined: Jan 13, 201113Year Member
Posts: 550
Reputation Power: 21
"As we noted last night, for a whole lot of time nothing at all can happen under the guise of containment and then everything happens all at once. Because not even two full days after Greece activated the Grexit emergency protocol, leading to capital controls, and a frozen banking system and stock market, moments ago the NYT reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor Alejandro Garca Padilla, saying he needs to pull the island out of a death spiral, has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions."
Source:
theeventchronicle
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