Other articles
03 May 2016, Annie Tsoneva, EMIS Editor

Puerto Rico faces default

The US island territory Puerto Rico is faced with a default as it authorities announced on Sunday that they are unable to repay $422 in debts due Monday, Caribbean News Now - Daily News reported.

Puerto Rico has incurred more than $70 billion in debt after years of borrowing.

However, without certain legislative amendments Puerto Rico can’t declare bankruptcy. Some changes to create a tough financial control board and to oversee court-supervised restructuring of the island's debt would be passed by the lower chamber by July 1, US congressman and House Majority Leader Kevin McCarthy said last week.

Meanwhile, one million “NYC Condoms" will be granted to Puerto Rico as the island registered one death from the zika virus. So far, there are 570 locally transmitted cases of the zika virus on the island, which the highest number than anywhere in the US, and the outbreak is to get worse.

Sign in and read the full article in emis.com Original source: Caribbean News Now - Daily News

RELATED ARTICLES