Current Events Flashcards
1
Q
Why is Puerto Rico in so much debt?
A
- Their government has been spending nonstop for decades, and now they finally have to pay the piper.
- they’ve never gone bankrupt before now, so they aren’t as bad as Greece.
- plus, they don’t have a safety net like Greece has with the Eurozone. No one is going to bail them out or loan them money.
- also, unemployment is high there, so people are leaving the country (fewer people contributing to the economy)
- they’re also in the middle of a drought .
