Puerto Rico lost 9 percent of its population since 2004 because of economic crisis caused by lack of liquidity after paying back its $72 billion public debt.
Bronx Borough President Ruben Diaz Jr. issued a letter to Congress in conjunction with more than 100 elected officials from the United States urging Congress to allow Puerto Rico to enter bankruptcy.
Puerto Rico is currently $168 billion in debt and bankrupt Earlier this week Puerto Rican newspaper El Nuevo Dia published a front-page story reporting the island is bankrupt.
David Tawil of Maglan Capital, which owns some of Puerto Rico's debt, stated in an interview earlier in March that he believes the U.S. territory won't default, and that $2-3 billion of financing will quell the financial pressure. Puerto Rico has a deal of fruitful, robust double-digit returns on tax-free bases, but poorly-run finances have lead to its current economic status.
The U.S. territory of Puerto Rico's financial state has recently been under scrutiny, with rumors of bankruptcy swirling about, but leaders insist that the island will be just fine without a U.S. federal intervention and that it won't default on its debts.
Puerto Rico, known for its beautiful beaches and the charm of Old San Juan, has a lot more going on than its tourist spots; it's an island that is facing a major debt crisis and it's in need of a U.S. economic boost.
