World Economy

Puerto Rico Broke

Puerto Rico BrokePuerto Rico Broke

The island is “broke” and business is bad, a citizen says. Of course, Puerto Rico still has bonds—about $70 billion outstanding. What it’s short of is cash to repay them with, Bloomberg reported. The indebted Caribbean island, home to 3.5 million US citizens, has juggled dwindling resources from one hand to another for months now, to keep creditors at bay. The crisis is set to tip into a new phase this weekend when $422 million of payments are due and, as things stand, unlikely to be made in full—threatening the biggest default yet.