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Puerto Rico Has No Easy Path Out of Debt Crisis

Its economy has been mired in recession for years. The public is fed up with austerity. Investors want big premiums to lend to a government deep in debt, with no ability to devalue its currency. Greece? Try Puerto Rico, the U.S. commonwealth whose long-simmering debt crisis — its $72 billion debt equals nearly 70 percent of its economic output, far more than any U.S. state — is about to come to a boil, according to an editorial in The Wall Street Journal.
Full editorial. (Subscription required.)
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