No to Wall Street! Yes to independence!

On June 29, the governor of Puerto Rico, Alejandro García Padilla, said that Puerto Rico’s debt was “not payable.” The government of Puerto Rico has a debt that is 70% of the islands Gross Domestic Product (GDP). This is more than three and half times as great as the next most indebted states, Rhode Island and Massachusetts, whose debt-to-GDP ratios are less than 20%. In addition, Puerto Rico’s electric utility also has major debt problems.