PUERTO RICO TO DEFAULT ON A PORTION OF $1 BILLION DEBT

Jon Alternative Media, Blogosphere, Corporate, Economy, Government

DECEMBER 30, 2015
Over the past year, Puerto Rico’s financial problems have received national attention. Not only is the territory mired in high unemployment, but their government is also buried under a mountain of debt. Officials have desperately tried to keep the situation under control, and have pleaded with Congress to let them restructure their debt, but to no avail.
Now Puerto Rico is going to ring in the New Year by defaulting on a portion of $1 billion in bonds that are due next Monday. Officials with the Commonwealth have admitted that cannot pay 2 of 13 different payments that are owed to bondholders by January 4th. This includes $35.9 million for the Puerto Rico Infrastructure Financing Authority and another $1.4 million for the Puerto Rico Public Finance Corporation.

This post was published at The Daily Sheeple on JOSHUA KRAUSE /.