Alejandro Garcia Padilla

Puerto Rico Desperately Needs US Help to Handle Debt

Puerto Rico, the island territory of U.S. is in the crisis due to its surmounting debt. Governor Alejandro Garcia Padilla repeated the island's debt will lead to moratorium.

Puerto Rico in troubled waters, stalls debt payments to provide essential services

Puerto Rico has run into deep economic crisis, with its fiscal agent, the Government Development Bank, running out of reserves to cover even essential services. The government is tilting towards holding on to its debt repayments to sustain the island as a going concern, but their plea to creditors and the Congress to bail them out of the crisis is met with resistance on both fronts.

Puerto Rico responds to fiscal crisis with a regressive tax that could hurt country's bottom line, poor people

Puerto Rico is increasing its sales tax to 11.5% from 7% on July in a bid to address its fiscal problems. This is considered a regressive move that could ultimately hurt the country’s bottom line and its countless poor people.

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