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The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. [a] 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 could pay its debt.
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 $12,000 per capita [5] at a time with a 45 percent poverty rate and 12.4% unemployment that is more than twice the mainland U.S. average.
Puerto Rico’s government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay ...
This factor, along with many others, led Puerto Rico to issue bonds up to today's outstanding debt of US$71 billion—an amount approximately equal to about 68% of Puerto Rico's gross domestic product (GDP). These actions, along with a series of negative cash flows and a depression, ultimately led to Puerto Rico's government-debt crisis.
The government of Puerto Rico and a federal oversight board have agreed on a debt-restructuring plan to end the U.S. territory's bankruptcy, if it is approved
A federal control board that oversees Puerto Rico's finances filed in court Friday a long-awaited plan that it says would reduce the U.S. territory's debt by more than 60 percent and pull the ...
By early 2017, the Puerto Rican government-debt crisis posed serious problems for the government which was saddled with outstanding bond debt that had climbed to $70 billion or $12,000 per capita [21] at a time with a 45 percent poverty rate and 12.4% unemployment that is more than twice the mainland U.S. average.
SAN JUAN, Puerto Rico (AP) — A court hearing on a major restructuring of Puerto Rico's mammoth debt opened Wednesday, with protesters warning the deal would further indebt the U.S. territory and ...