Many observers argue that the island will have to face defaults and restructuring debt.
“It’s an overlevered economy with too much debt. There are two ways to get out of that: economic growth or restructuring,” Hayes said in a Financial Times article. “I think there is a growing realisation in Puerto Rico that they have to restructure.”
Puerto Rico is tackling with a $72 billion debt load while the economy has been stagnating for the past nine years.
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Max Chen contributed to this article.