President Trump promised relief for debt-wracked and hurricane-ravaged Puerto Rico on Tuesday, although he was not clear on specifics. "We're going to do something," Trump told Fox News' Geraldo Rivera on Hannity. "We're going to get it back on its feet."
Puerto Rico's $73 billion in debt stems from a recession that began in 2006, and complications with the fact that by virtue of being a territory, the island cannot invoke bankruptcy. It isn't clear if the federal government can simply erase what San Juan owes, especially as the debt is held by a constellation of sources, ranging from "big hedge funds" to "middle-class Puerto Ricans who thought it would make a safe retirement nest egg," The New York Times writes.
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.
-
Cosy cabins for a country escapeThe Week Recommends Slow down and take in the nature at these amazing. secluded retreats
-
Scottish hospitality shines at these 7 hotelsThe Week Recommends Sleep well at these lovely inns across Scotland
-
Scientists invent a solid carbon-negative building materialUnder the radar Building CO2 into the buildings
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
