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Puerto Rico defaults


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Puerto Rico faced a historic default Friday as the US territory prepared to enter unchartered waters under the guidance of a newly enacted federal control board to oversee the island’s finances amid a dire economic crisis.

The government paid roughly half of $2bn in due debt, but said it did not have the money to pay $779m worth of general obligation bonds that are given top priority by the island’s constitution. The payment was made just hours after the governor signed an executive order Thursday declaring a moratorium on a portion of that debt.

“The government has always said that Puerto Rico’s debt is unpayable and that the music would stop,” Puerto Rico’s Government Development Bank said in a statement. It oversees the island’s debt transactions and is operating under a state of emergency.

Read more on The Guardian

well... maybe they should have asked the EU how these things are handled... just saying...

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I assume the same situation is in store for the rest of the US soon. My guess is that the collapse comes when we can no longer pay the interest.  We are well and truly living in some fantasy bubble.  The wake up call is going to be bloody.

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