Puerto Rico Approaches a “Death Spiral”

8285570679_8ef11bdcdd_zGovernor Alejandro Garcia Padilla recently announced that Puerto Rico can no longer make payments on its $73 billion in debt and it is nearing a “death spiral”.

“The debt is not payable … there is no other option. This is not politics, this is math,” Garcia Padilla¬†told the New York Times in an interview. “But we have to make the economy grow. If not, we will be in a death spiral.”

The warning comes just one day before the governor is expected to release a report, conducted by former officials at the International Monetary Fund and the World Bank, that paints a very bleak picture of the commonwealth’s finances.

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Photo courtesy of: Trish Hartmann