As I have an acquaintance originating from Puerto Rico, and have read two books written by him about Puerto Rico, titled Shining Star and Pulling Strings, I'm somewhat extra facinated about Puerto Rico. Interestingly enough Puerto Rico literally translates to Rich Port, despite this, amongst others CNN reports that
Nearly 1,600 schools shuttered. Some 205,000 public workers without pay. All government offices closed except for essential services, such as police and hospitals.
This is the scenario if local lawmakers don't approve a bailout plan this week for this U.S. Caribbean territory, which has a $1 billion deficit and runs out of cash on Monday to pay civil servants and provide public services.
As the article continues
"It's a dire situation. The fiscal crisis is real," said Argeo Quinones, an economic professor at the University of Puerto Rico.
"They're running out of options," added David Hitchcock, a director at credit rating agency Standard & Poor's. Standard & Poor's and Moody's Investors Service say Puerto Rico's economic outlook was negative and have put Puerto Rico on a special watch status -- with the possibility of downgrading the government's credit rating.
Good luck to Puerto Rico on fixing up the financial crizis.
