Puerto Rico facing historic default on its $72 billion debt

June 29, 2015 4:31 PM

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Puerto Rico facing historic default on its $72 billion debt

MIAMI — Puerto Rico is just days away from a historic economic collapse after the commonwealth's governor said the island cannot pay its $72 billion in debts.

Gov. Alejandro García Padilla, who took office two years ago, said in a statement Monday that the government's attempts to slash expenditures and restructure its debt have failed. He said an analysis by former World Bank and International Monetary Fund officials "for the first time acknowledges the ...

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