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What caused the Puerto Rican $118 billion debt crisis?

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A sad story. Puerto Rico has always been less prosperous than the mainland USA. Liberals might point to a history of being a colony and costs that are necessarily high on account of being a small tropical island. read more

In March, the Governor proposed a new deal to restructure debt of the premier utility company, Puerto Rico Electric Power Authority (PREPA), which constitutes $9 billion, or nearly 13% of the total bond debt outstanding. read more

These events, along with a series of governmental financial deficits and a recession, have led to Puerto Rico's current debt crisis. Causes. In 1917 the United States Congress authorized the government of Puerto Rico to issue triple tax-exempt municipal bonds. read more

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They [ the government of Puerto Rico] are asking to be given the right to declare bankruptcy, which I think should be an option, as a last resort, if there is no other resource. But there also need to be measures, changes within the government of Puerto Rico, in the ways that the island's funds are administered, not just to deal with this budget issue, but also to have, to attract the economic growth that is necessary for Puerto Rico to begin to grow economically. They are losing population, and they are losing economically.
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