Puerto Rico's $72B Debt Is Much Worse Than Detroit's
Puerto Rico's governor said the island cannot pay its $72 billion debt. Add high unemployment to the equation, and that's a bleak economic picture.By Jamal Andress | June 29, 2015
Puerto Rico's governor has forewarned the island won't be able to pay its $72 billion public debt.
In an interview with The New York Times, Puerto Rico's Gov. Alejandro Garcia Padilla said: "The debt is not payable. ... I would love to have an easier option. This is not politics, this is math."
And the math is daunting. Puerto Rico's $72 billion is more than three times the debt Detroit had in 2013 when the city filed for bankruptcy. The U.S. commonwealth's $72 billion debt is also the largest debt per capita of any state in the country.