Debts Not Payable: Puerto Rico’s Pay Day Loan Crisis. Puerto Rico defaulted on…

Puerto Rico defaulted on almost $2 billion of financial obligation re re re payments today, including $780 million in constitutionally fully guaranteed general responsibility debt, very nearly precisely per year following the ny circumstances reported that Governor Alejandro García Padilla had declared that the island’s debt was “not payable.”

let me tell you, your debt is not payable considering that the Commonwealth cannot spend the whole thing. The Commonwealth’s per capita taxation burden of $15,637 this is certainly significantly more than 10 times more than compared to the typical state ($1,419) and almost 3 x greater than compared to the greatest state (Connecticut, with $5,491). But simply as notably, Puerto Rico must not spend precisely what gets incorporated into its total outstanding financial obligation because a lot of that financial obligation is illegitimate, and for that reason maybe maybe not payable.