Puerto Rico Governor Says Country Can’t Pay Debt

Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

While much of the world was focused on Greece and a potential default that could cause ripples throughout the European economy, another nation has announced they will be unable to pay their bills.

Puerto Rico governor Alejandro Garcia Padilla told the New York Times that the country’s economy was close to a “death spiral” and that it cannot pay the $72 billion it owes creditors.

“The debt is not payable,” García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.”

“My administration is doing everything not to default,” García Padilla added. “But we have to make the economy grow,” he added. “If not, we will be in a death spiral.”

The self-governing U.S. commonwealth has been in a recession since 2006.

Gracia Padilla said that unless creditors come to the table and “share the sacrifices” made by the citizens of the country, it could be bad.

“If they don’t come to the table, it will be bad for them,” he told the Times.  “What will happen is that our economy will get into a worse situation and we’ll have less money to pay them. They will be shooting themselves in the foot.”

Because Puerto Rico is a territory and not a state, it cannot file for bankruptcy in the same manner that Detroit, Michigan did in 2013.

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