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On September 9th, 2015 Puerto Rico announced that they are facing a debt-funding shortfall of $13 billion over the next five years as it releases its fiscal and economic growth plan. Their plea is that the common wealth restructures its debt liabilities.

All debt service requirements at the moment simply cannot be made. As you can recall Puerto Rico has $72 billion of publically traded debt, which is a lot for a municipal bond issue.

The governor has announced that Puerto Rico simply can’t afford to pay off all of its debts and that the common wealth is getting more formal with the release of this economic and fiscal growth plan. And within the next five years it has $13 billion, which they simply can’t pay.