Having already defaulted multiple times over the past several months, the Puerto Rico faces more debt per capita than any U.S. state, according to a commentary on Realclearpolitics.com.
Puerto Rico in Distress
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Just two days before Puerto Rico plans to default on a large debt payment, the Senate yesterday passed and sent to the White House a relief measure to help the financially desperate island surmount its fiscal crisis, the New York Times reported today.
The Senate today is scheduled to vote on a bill already approved by the House that would restructure Puerto Rico’s debts and could create the conditions for recovery, according to a New York Times editorial.
After months of waiting for the U.S. Congress to act as Puerto Rico's economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington, D.C., aimed at helping it address a hobbling $70 billion debt, Reuters reported yesterday.