Puerto Rico is weeks away from economic meltdown

Global Business

Puerto Rico is weeks away from economic meltdown TN

Puerto Rico’s debt crisis has taken a turn for the worse, but financial help may be on its way.
CCTV America’s Owen Fairclough reports from Washington.

Puerto Rico is weeks away from economic meltdown

Puerto Rico is weeks away from economic meltdown

Puerto Rico's debt crisis has taken a turn for the worse, but financial help may be on its way.

Puerto Rico can’t pay back 72 billion dollars in debt that it has, and creditors won’t lend any more money.

The island’s governor summed up the situation on a visit to Washington.

Puerto Rico’s problems lie in its status as a U.S. Commonwealth. Its public services are holding the bulk of the debt.

Unlike their U.S. state counterparts, they can’t declare bankruptcy to write off debts and start over.