Government Development Bank

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.

Government Development Bank's $72 billion in debt is making Puerto Rico possibly America's Greece

Puerto Rico's Government Development Bank is struggling to manage $72 billion in debt, the majority of which is from its own making. The first payment of $355 million of the general obligation debt is due December 1, but the country seems that it will have to default on that payment and subsequent payments. The debt was created from excessive lending and now the governor has asked the help of the US government to allow the country to file Chapter Nine bankruptcy.

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