Hurricane-Torn Puerto Rico Says It Can’t Pay Any of Its Debts for 5 Years<br />Hurricane Maria made Puerto Rico’s already grave financial situation so much worse, the island’s leaders acknowledged late Wednesday,<br />that they will not be able to pay down any portion of their more than $70 billion debt over the next five years.<br />By then, he said, the cumulative effect of tough economic austerity measures will help the island’s government achieve<br />a balanced budget, as required by the federal oversight board that controls Puerto Rico’s troubled finances.<br />He added that the hurricane’s “social impact was significant, because of the exodus<br />and population decrease we’ve had in Puerto Rico, and expect to have in the future.”<br />What you need to know to start your day, delivered to your inbox Monday through Friday<br />Just before the hurricane, Puerto Rico had made plans to pay creditors a total of $3.6 billion through 2022.<br />Now, Puerto Rico expects its budget to be $2 billion to $3 billion in the red, Gov.<br />But that plan had to be reworked in light of Maria’s vast devastation, which prompted tens<br />of thousands of Puerto Ricans to flee the island amid job layoffs and power blackouts.
