And the plot thickens...
Puerto Rico’s bankruptcy process has spread to the territory’s pension system and highway authority, bringing the amount involved to over $120 billion and far exceeding the previous municipal bankruptcy record.
The Employees Retirement System (ERS) and the Highways and Transportation Authority (HTA) were added to the proceedings already involving the territory’s government and the island’s sales tax financing corporation (COFINA).
Puerto Rico and its agencies are roughly $74 billion in debt. While there are conflicting estimates about the gap between the ERS assets and promises, Puerto Rico officials estimated the pension fund’s unfunded liabilities at around $45 billion, with another $3 billion owed to bond-holders. The highway agency is another $6.3 billion in debt, $1.8 billion of which is owed to Puerto Rico’s industrial development bank which is itself insolvent.
https://www.rt.com/usa/389259-puerto-rico-bankruptcy-pensions-roads/
@alexinathens
They're in a terrible situations when it comes to their economy. Makes me wonder if statehood could be in their future.
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