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5/08/2017

Topic Reading-Vol.1853-5/8/2017

Dear MEL Topic Readers,
A look at the latest twist in Puerto Rico's debt saga
The Commonwealth of Puerto Rico, located in the Caribbean Sea, is an unincorporated territory of the United States. Though both English and Spanish are set as their official languages, the latter is widely spoken among the 3.5 million residents in the islands.
Their economy been struggling for a decade and the government has been relying heavily on bonds to make up the shortfall of income too much for too long. It was fortunate for Puerto Rico to have been able to sell such bonds to American investors who wanted to enjoy the tax break. It was unfortunate that the territory hasn’t recovered from recession and the government’s debts have mounted to the level that the islandic territory can no longer sustain.
While the commonwealth’s financial future is under the hand of a US judge now, their political status is going to be judged by the residents in the fifth of such referendums due in June.
Enjoy reading and learning about the financial crisis of this tropical state.


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