IS ANYBODY PAYING ATTENTION? Puerto Rico failed to meet a $58 million bond payment Monday, placing the U.S. territory in default and deepening concerns over its ability to service its $72 billion in debt. Investors have been bracing for a possible default for at least two years. Governor Alejandro García Padilla last month stated that the $72 billion in public debt could not be paid back. MORE HERE
Puerto Rico Defaults on $58 Million Bond Payment, Anybody Paying Attention?
In this Wednesday, July 29, 2015 photo, the Puerto Rican flag flies in front of Puerto Ricos Capitol as in San Juan, Puerto Rico. Nearly 10 years into a deep economic slump, Puerto Rico is no closer to pulling out, and, in fact, is poised to plummet further. The unemployment rate is above 12 percent and tens of thousands have migrated out of the island. (AP Photo/Ricardo Arduengo)