Puerto Rico’s governor says the island’s $72 billion debt can’t be paid. The federal government has no plans for a bailout. So, how will the U.S. territory avoid economic collapse?
The island paradise of Puerto Rico is a favorite vacation destination for many Americans. But for the people who call it home, it’s anything but a holiday. Crippled by debt, the U.S. territory is in the middle of a financial crisis, with no help in sight.
In the video below, CCTV’s Nitza Soledad Perez explained how the island found itself in this situation.
Also in the video, to get an inside perspective on the island’s financial condition, The Heat spoke to Luis Fortuno, a former governor of Puerto Rico and Resident Commissioner for the island in the U.S. Congress.
Luis Fortuno on Puerto Rico's financial situationPuerto Rico's governor says the island's $72 billion debt can't be paid. The federal government has no plans for a bailout. So, how will the US territory avoid economic collapse?
The Heat continued its discussion with Isaac Cohen, the former director of the United Nations Economic Commission for Latin America and the Caribbean office in Washington.