Failing State Watch Puerto Rico

” Puerto Rico is just days away from the biggest municipal bond default in U.S. history, and Congress is doing nothing to stop it. The U.S. territory faces a January 1 deadline to pay bondholders around $1 billion, a fraction of the $72 billion it owes overall. Puerto Rico has warned it will be unable to make at least some of its upcoming payment, and what it can pay could be drawn from funds it doesn’t actually have. Congress could have prevented a default, but passed on their opportunity earlier this month. The governor of Puerto Rico has complained to the United Nations that the United States is backtracking on its promises of self-government on the island.”

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