Puerto Rico faces default as governor plans to address island | Reuters

Puerto Rico, a tropical paradise in economic purgatory, faces a $70 billion debt bill it knows it cannot pay, a staggering 45 percent poverty rate and a shrinking population as its U.S. citizens flee to the mainland.Though island agencies have defaulted in the past, they have been small and isolated. A default by GDB, which acts as the government’s main depositary and source of liquidity, could reverberate through the local economy.

Source: Puerto Rico faces default as governor plans to address island | Reuters