Puerto Rico defaulted Saturday, missing a $58 million debt payment on Public Finance Corporation bonds. Victor Suarez, the governor's chief of staff, said Friday the island only has enough money to operate until November if nothing is done to increase cash flow, Reuters reports.
Gov. Alejandro Garcia Padilla announced in June that Puerto Rico would need restructuring on an unpayable $72 billion in debt. The White House has said the U.S. will not bail out the territory.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Some mainstream Democrats struggle with Zohran Mamdani's surprise winTALKING POINT To embrace or not embrace? A party in transition grapples with a rising star ready to buck political norms and energize a new generation.
-
How to make music part of your vacationLet the rhythm move you
-
What is credit card churning and why is it risky?the explainer Churners frequently open new credit cards with the intent of earning a welcome bonus and accessing other perks
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstancesSpeed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governorSpeed Read
-
Los Angeles city workers stage 1-day walkout over labor conditionsSpeed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billionSpeed Read
-
Bangladesh dealing with worst dengue fever outbreak on recordSpeed Read
-
Glacial outburst flooding in Juneau destroys homesSpeed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creatureSpeed Read
