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Puerto Rico, which faces a staggering US$70 billion debt, will for the first time in history default on their debt payments. Due to Puerto Rico's historic default on their debt payment, the U.S.-controlled island nation has been dubbed “America's Greece.”
However, the reason why Puerto Rico finds itself in this debt crisis is a direct consequence of Washington's foreign policy. Regular Puerto Ricans will suffer the most from the default, not Wall Street. Tens of thousands of Puerto Ricans are now leaving the island for the mainland United States in search of jobs and stability.
Puerto Rico is now officially in default after paying only US$628,000 of a US$58 million debt payment. This marks the first default in Puerto Rico's history. Puerto Rico owes about US$70 billion to its creditors. Its governor, Alejandro Garcia Padilla, has said the government cannot pay all of its debt. READ MORE
Puerto Rico looks set to miss a new deadline on payments regarding the island's US$72 billion debt. Despite the measures taken by local authorities, many are asking: who should really pay the staggering debt? READ MORE
The humanitarian crisis ravaging Puerto Rico is a result of the "behavior from some creditor groups just as we saw in Argentina and Greece,” Jubilee USA's Eric LeCompte told teleSUR. READ MORE
Thousands of Puerto Ricans protest against the debt crisis. | Photo EFE
title='A vulture puppet is held at a protest against Puerto Rico's credit holders as a symbol of the so-called vulture funds.' width="798" height="449">
A vulture puppet is held at a protest against Puerto Rico's credit holders as a symbol of the so-called vulture funds. | Photo EFE
title='A woman carries bags while walking in a commercial area with stores either closed or offered for sale in San Juan, Puerto Rico, July 31, 2015.' width="798" height="449">
A woman carries bags while walking in a commercial area with stores either closed or offered for sale in San Juan, Puerto Rico, July 31, 2015. | Photo Reuters
title='A liquidation sale at a local store in Arecibo, Puerto Rico, June 29, 2015.' width="798" height="449">
A liquidation sale at a local store in Arecibo, Puerto Rico, June 29, 2015. | Photo Reuters
title='Puerto Ricans protest against creditors, holding signs that say ' width="798" height="449">
Puerto Ricans protest against creditors, holding signs that say | Photo EFE
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