Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Puerto Rico's Debt Crisis Explained. Bail Out Coming?
Posted
July 5, 2015
Views
91,554
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1,290
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July 5, 2015
91,554
1,290
881
2.37%
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4:57Now Playing"In a dramatic June 28 statement, Puerto Rico's governor Alejandro García Padilla said the island's debts are "not payable" and that in order to pull the country out of a "death spiral" it is going to need to refuse to pay them.
The looming default has been somewhat overshadowed by the geopolitical drama in Greece, but the two situations have a lot in common. A poor government was tied up with a larger and richer one. Shortsighted lenders let the poor government borrow a lot of money very cheaply. The poor government took advantage of the cheap money, but didn't spend it very wisely. Then came a global financial crisis, and a major re-evaluation of credit risk. And now the bill is coming due.
Unlike the Greek situation, there is very little chance that this will lead to a rupturing of political and economic ties between Puerto Rico and the US mainland."
Read more here
John Iadarola (Think Tank) & Ana Kasparian (The Point) of The Young Turks break it down.
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