Puerto Rico Update

Puerto Rico has run out of time and money and will default on some $37m of its repayments on the first of January, confirmed by Governor Alejandro Padilla on Wednesday.

Puerto Rico has been struggling for a while now and the troubled commonwealth is at loggerheads with investors over plans to restructure $70bn that have triggered a financial crisis on the island leading to mass migration, school closures and escalating unemployment and poverty.

Puerto Rico will not be getting the fresh start they were hoping for in the beginning of 2016, but they remain hopeful they will pull out of this crisis. For more details be sure to check out the video above.