“We are facing a gradual fiscal deterioration that is affecting the capacity to generate needed revenue,” reads a measure that legislators are reviewing. “The magnitude of the reality we’re facing cannot be avoided.”
Puerto Rico is struggling to emerge from a seven-year recession while trying to reduce a $1.2 billion deficit and $69 billion in public debt. The island of 3.7 million people also has a nearly 14 percent unemployment rate, higher than any U.S. state.
Read more: http://www.lasvegassun.com/news/2013/jul/02/cb-puerto-rico-economic-crisis/#ixzz2Y02uqNOR