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takyon [soylentnews.org] writes:

Puerto Rico, a commonwealth of the United States [wikipedia.org], has missed a debt payment [cnn.com] for the third time. The island has $72 billion of debt:

Governor Alejandro Garcia Padilla calls it a "humanitarian crisis," which a step above an economic emergency. He claims he is prioritizing paying Puerto Rico's police and teachers over Wall Street. "I had to make a choice. I decided that essential services for the 3.5 million American citizens in Puerto Rico came first," the governor said in a speech Sunday. This is the third time [cnn.com] the island has defaulted on bond payments. The island paid the interest due Monday, but not the principal amount, resulting in a default of about $370 million, Puerto Rico's largest yet.

Also at NPR [npr.org], The New Yorker [newyorker.com], The Washington Post [washingtonpost.com], The Atlantic [theatlantic.com], Reuters [reuters.com].

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