Puerto Rico's entrenched economic crisis is leading people to either cut their personal spending to the basics or flee to the mainland to search for jobs, contributing to the struggles of those left on the island, the Associated Press reported on Saturday. Nearly 10 years into a deep economic slump, Puerto Rico is no closer to pulling out, and, in fact, is poised to plummet further.
Puerto Rico in Distress
Video Features
ABI Analysis
After openly acknowledging on Monday that it had not made a $58 million bond payment, the Puerto Rico quietly disclosed in a financial filing later that afternoon that it had temporarily stopped making contributions of $92 million a month into a fund that is used to make payments on an additional $13 billion in bond debt, the New York Times reported today.
Puerto Rico defaulted on a $58 million bond payment yesterday, a risky move that seemed to intensify the pressure on creditors for broader debt renegotiation, but might also make future borrowing far more difficult, the New York Times reported today.
The first visible sign that the health care system in Puerto Rico was seriously in trouble was when a steady stream of doctors — more than 3,000 in five years — began to leave the island for more lucrative, less stressful jobs on the mainland, the New York Times reported today.