(WLRN) — As WLRN has reported this year, the U.S. commonwealth of Puerto Rico is staggering under $73 billion in debt. The Caribbean island’s governor is giving a speech this afternoon to announce it’s unpayable. And that could have a significant economic impact here in South Florida.
How bad is Puerto Rico’s financial crisis? Its debt load equals three-fourths of its entire economy. Governor Alejandro García Padilla has conceded that Puerto Rico can no longer make payments on a debt that massive.
Annual trade between Florida and Puerto Rico is about $2 billion. Bankruptcy attorney Charles Tatelbaum of the Fort Lauderdale law firm Tripp Scott says Puerto Rico’s collapse will hit Florida.
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