Puerto Rico Declares Bankruptcy

2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15

The economic crisis facing Puerto Rico would have led its leaders to make the decision to declare bankruptcy, which according to The New York Times would be considered as an unprecedented event in the history of the United States, since it is "the entity largest government to seek refuge from its creditors."

Regarding the news, which was released on the afternoon of Wednesday, May 3, a CNN report added that it will not be an easy process, since the protocol indicates that the request delivered by the island's government must first be approved by the judicial system.

As indicated, Puerto Rico would be in a financial deficit that is close to $ 70,000 million, a figure that quadruples the loss presented by the city of Detroit when in 2013 it also declared bankruptcy, with debts that amounted to $ 18,000 million.

"Given the deficit that we have inherited, it is my responsibility to guarantee the best interest of the people of Puerto Rico," said Ricardo Rosselló, governor of the island, after the news was released.

The CNN news network also added on its website that the main people affected in the recession have been its inhabitants, who have decided to go to new places in search of economic stability. The island's population would have been reduced by 350,000 inhabitants in the last 10 years, with the state of Florida being the main destination for immigrants.

The financial crisis in Puerto Rico would have been highly evident in recent years, when its leaders sought help from Washington to solve the difficult situation they are going through.