October 7, 2019 . New York action called for independence for Puerto Rico. The island's oversight board has been making some progress in 2019 after being … Photo by CreditRepairExpert.. February 8, 2019; American Prospect. Puerto Rico's debt is huge -- about $70 billion. The Gross Domestic Product (GDP) in Puerto Rico was worth 104.99 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. One factor contributing to Puerto Rico’s debt levels is the Puerto Rico … “Debt Cartoon.” Steven Millstein. Puerto Rico has roughly $70 billion in outstanding debt, and since August 2015 has defaulted on over $1.5 billion in debt. By ... 2020): This piece has been corrected to reflect that the June 2019 agreement offered bondholders with unchallenged debt between 35 and 45 cents per dollar. The island used to be a tax haven for big businesses, and companies flocked to it. GDP in Puerto Rico averaged 42.81 USD Billion from 1960 until 2019, reaching an all time high of 104.99 USD Billion in 2019 … Puerto Rico began to accrue massive amounts of debt in the late 1990s. Live estimate for national public debt today and since the beginning of the year. Ripples From Puerto Rico’s Debt Crisis Reach the Mainland. Live statistics for Economy of Puerto Rico. The article originally stated that bondholders with unchallenged debt … But when tax breaks phased out and … About 40% of its residents live in poverty , and the median household income in 2017 was $19,775 . Militant/John StaggsMarches in Philadelphia, above, and New York Sept. 21 — two years after Hurricane Maria devastated Puerto Rico — called for canceling Puerto Rico’s $74 billion debt, rescinding U.S. laws that increase shipping costs. Current GDP (estimated data for 2020) and national debt. A Guide to Puerto Rico’s Debt Adjustment Plan: Cuts for Pensioners and Payments on Allegedly Illegal Debt. Sept. 27, 2019, 5:07 PM UTC. In June 2015, the government declared the debt unpayable, and in May 2017, Puerto Rico filed for the biggest U.S. municipal bankruptcy in history. In 2019, Puerto Rico’s resident commissioner, Jenniffer González-Colón, a Trump supporter, cohosted the American LNG Summit with Florida Representative Ted Yoho, who has been … The debt involved, known as COFINA—Corporación del Fondo de Interés Apremiante, or Urgent Interest Fund Corporation)—was incurred supposedly to fund development in Puerto Rico, but much of it simply refinanced older debt. The first major debt restructuring in Puerto Rico is now final. The GDP value of Puerto Rico represents 0.09 percent of the world economy. Indeed, munis are off to a blistering pace in 2019, with mutual and exchange-traded funds focused on the debt on track to pull in a .