It is a startling admission from the governor of an island of 3.6 million people, which has piled on more municipal bond debt per capita than any American state.

Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’

By News on the Net New York Times—— Bio and Archives--June 29, 2015

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Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

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