Puerto Rico governor says island can't pay its public debt

June 29, 2015 6:33 AM

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SAN JUAN, Puerto Rico (AP) — The governor is warning that Puerto Rico can't pay its $72 billion public debt, delivering another jolt to the recession-gripped U.S. island as well as a world financial system already worrying over Greece's collapsing finances.

The comments came as legislators debate a $9.8 billion budget that calls for $674 million in cuts and sets aside $1.5 billion to help pay off the debt. The budget has to be approved by Tuesday.

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