Originally posted by Radio Sputnik here.
On Monday, the US territory of Puerto Rico entered into default, after failing to make a $370 million bond payment.
The failure to make the bond payment came Sunday, after weeks of negotiations to restructure its debt or receive a bridge loan from Washington.
Radio Sputnik discussed the default of the commonwealth with Executive Director of the National Puerto Rican Chamber of Commerce and an economic policy researcher at the University of Maryland – Justin Velez-Hagan.
Hear the audio clip here, where JVH discusses how Puerto Rico got to where it is now, why it can’t pay its debts and has chosen to “strategically default,” and who is to blame.