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Puerto Rico Default (United States)

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Financial Times: Puerto Rico will likely default on debt

The territory’s debt service burden requires it to pay between $3.4bn and $3.8bn each year for the next four years. As doubts grow about the ability of the commonwealth to service that debt, the cost of doing so will inevitably rise. “The numbers are untenable,” said one restructuring adviser. “To issue new debt the yield would have to rise and where they can’t raise new money they will have to stop paying.”

Puerto Rico is at least $70 billion in debt

The U.S. territory of Puerto Rico is at least $70 billion in debt and has another $37 billion in unfunded pension obligations.

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