Puerto Rico doesn’t have the money

WHEN Alejandro García Padilla, the governor of Puerto Rico, announced on June 29th that its $72 billion public debt was unsustainable, he warned that the only alternative to a comprehensive restructuring “would be the unilateral and unplanned non-payment of obligations”. It would be a drastic step for the autonomous American territory, which the United States regards as a commonwealth. Mr García Padilla was presumably hoping to intimidate Puerto Rico’s recalcitrant creditors...

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