SAN JUAN — Big trouble on the horizon for Puerto Rico. According to island news reports, the once beloved island nation that quickly became part of the United States has defaulted on its bills. Reports indicate that Puerto Rico has defaulted on the $370m it didn’t get from creditors and the like, something, that has just about spelled economic doom for the island.
Economists say that Puerto Rico actually owes more than $1billion come 1 July, and, if by all means they default on that payment — there’s no telling “what will happen to Puerto Rico”. Puerto Rican officials defied orders to cut social services for its people that would have included closing schools and hospitals, which, would have allowed them to mostly cover their bills.
The Government Development Bank had more than $422 million in payments due Monday, but was only given a meager comparison to that amount that brought the amount due to about $370m.