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Puerto rico size in miles. Puerto rico and a group of investors in february agreed to a debt cutting deal that would allow them to recover as much as 776 cents on the dollar from their investment in the islands bonds. On february 4 2014 standard poors downgraded the debt of puerto rico to junk status. Commonwealths federally created.
On the call bidens senior policy adviser carmel martin said the democratic nominee hoped to reform rather than repeal the puerto rico oversight management and economic stability. The puerto rican government debt crisis is a financial crisis affecting the government of puerto rico. Puerto rico would shed about 24 billion of debt and move closer to exiting bankruptcy under an agreement with bondholders announced on sunday by the us.
President donald trump appointed to a federal control board overseeing the islands finances. Territory of puerto rico has made many attempts to reduce its debt burden and save its economy. The crisis began in 2014 when three major credit agencies downgraded several bond issues by puerto rico to junk status after the government was unable to demonstrate that it would be able to pay its debt.
However it proved unsuccessful and former governor ricardo rossello moved the crisis to a. Its not immediately clear how biden would resolve puerto ricos 129 billion debt crisis or how much of that sum his advisers see as potentially illegal. By early 2017 the puerto rican government debt crisis posed serious problems for the government which was saddled with outstanding bond debt of 70 billion or 12000 per capita 3 at a time with a 45 percent poverty rate and 124 unemployment that is.
Puerto rico would then pay a maximum 15 billion in annual debt service on the new securities and the islands 12 billion of outstanding sales tax debt down from 42 billion the island paid.
How Much Does Puerto Rico Owe 4 Charts That Put Puerto Rican Debt In Perspective Puerto Rico Size In Miles
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