Puerto Rico’s Governor Garcia Padilla says he needs to pull the island out of a “death spiral,” and concluded that the commonwealth cannot pay its roughly $72 billion in debts. “The debt is not payable,” Mr. Garcia Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.” In Washington, the Padilla administration is pushing a bill to allow the islands public corporations to declare bankruptcy; while some urge for Congress to allow the Puerto Rico’s central government to apply for bankruptcy.
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