Puerto Rico warns its population and economy will plunge
Puerto Rico’s governor submitted a revised fiscal plan overnight Thursday that estimates the U.S. Caribbean territory’s economy will shrink by 11 percent and its population drop by nearly 8 percent next year. The island is continuing to recover from the crippling impact of Hurricane Maria.
The proposal doesn’t set aside any money to pay creditors in the next five years as the island struggles to restructure a portion of its $73 billion public debt. The original plan had set aside $800 million a year for creditors, a fraction of the roughly $35 billion due in interest and payments over the next decade.
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