Debt Trouble in Puerto Rico
Via the BBC: Puerto Rico’s debt cut to junk status by Fitch
Puerto Rico’s debt is 93% of the island’s gross domestic product – a ratio that is higher than that of Spain.
The island’s economy has contracted every year since 2006.
The current unemployment rate is 14.7% – twice that of the US.
While I was aware of the debt problem in Puerto Rico, this brief story struck me as to how little reporting there is in most US news on US territories. Puerto Rico has ~3.7 million US citizens, and yet is largely ignored.