Public debt Economy of Puerto Rico
the public debt of puerto rico has grown @ faster pace growth of economy, reaching $46.7 billion in 2008. in january 2009, governor luis fortuño enacted several measures aimed @ eliminating government s $3.3 billion deficit. since 2000, government of puerto rico has experienced 17 consecutive negative cash flows has contributed enlargement of public debt, government incurs in new debt in order pay older one. on february 4, 2014 standard & poor s downgraded debt of puerto rico junk status. puerto rico has $70 billon outstanding debt population of 4 million inhabitants. despite small population third issuer of municipal bonds in 50 states , territories. first being california, second new york. in 2017, puerto rican government-debt crisis posed serious problems government saddled outstanding debt of $70 billion or $12,000 per capita @ time 45 percent poverty rate , 14.2% unemployment more twice mainland u.s. average. the commonwealth had been defaulting on many debts, including bonds,