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