The island some have called ‘America’s Greece’ looks poised to default on its $72bn debt for a second time amid anger over territory’s ‘Wall Street captors’ Debt-racked Puerto Rico looks all but certain to miss a second repayment deadline on Tuesday – a move that is likely to worsen the financial crisis in the US territory and turn up the political heat on a Caribbean island that has been dubbed “America’s Greece”. Puerto Rico’s government development bank is due to make a $354m payment to bondholders on 1 December but is unlikely to be able to pay. Puerto Rico governor Alejandro Garcia Padilla was still negotiating with creditors late Monday. Continue reading...
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