Puerto Rico—like Greece—Will Default on its Debts, as the U.S. has Ignored the Island’s Financial Problems for Decades
Obama to Puerto Rico: Drop Dead.
That was the message from the White House this week to 3.5 million U.S. citizens of Puerto Rico — our own version of Greece.
No one is even considering a bailout for Puerto Rico, White House spokesman Josh Earnest said. This was after Puerto Rico Gov. Alejandro García Padilla stunned the financial world by announcing his government will default on $1 billion in debt service payments due Wednesday.
There isn’t enough money to pay that tab, plus another $72 billion owed to bondholders, García Padilla said.