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Puerto Rico Is Officially Bankrupt: What Does It Mean?

After more than a decade of economic recession, Puerto Rico is broke .The governor of the island, Ricardo Rosselló, announced on May 3, that he filed for a bankruptcy-type protection, as established by Title III of The Puerto Rico Oversight, Management, and Economic Stability Act, known as PROMESA. With this measure, Puerto Rico aims to restructure its public debt that surpasses $73 billion.

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