[MONEY.CNN] Puerto Rico can no longer make payments on its $73 billion in debt, according to Governor Alejandro Garcia Padilla, who warns the island is perilously close to entering a "death spiral"
"The debt is not payable ... there is no other option. This is not politics, this is math," Garcia Padilla told the New York Times
...which still proudly displays Walter Duranty's Pulitzer prize...
in an interview published Sunday evening. "But we have to make the economy grow. If not, we will be in a death spiral."
The warning comes just one day before the governor is expected to release a report, conducted by former officials at the International Monetary Fund and the World Bank, that paints a very bleak picture of the commonwealth's finances. According to media reports, the governor will deliver a major speech Monday following the report's release. |