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Puerto Rico’s financial crisis escalated early Wednesday morning as Gov. Alejandro Garcia Padilla won an emergency declaration from both houses of the Puerto Rican legislature authorizing him to suspend all payment on $72 billion in public debt.
The sudden move stunned both Washington and Wall Street, where leaders keep ignoring Puerto Rico’s pleas to be allowed to restructure its debts. “The people of Puerto Rico have complete autonomy in internal economic matters and in cultural and social affairs,” the U.S. State Department told the United Nations back in 1953, when Washington urged removing Puerto Rico from the UN’s list of colonies.
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AuthorSharing & archiving current events and important insights that bubble to the surface of the media stream. Archives
May 2017
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