Puerto Rico: Default

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Mary O’Grady writes, Puerto Rico’s Borrowing Bubble Pops Moody’s measure of ‘expected default’ for Puerto Rico is higher than Argentina and Venezuela. A Puerto Rican default should not surprise anyone. According to Carlos Colón de Armas, acting dean of the School of Business Administration at the University of Puerto Rico, for eight years from 2005 through 2012, government expenses exceeded revenues on average by approximately $1 billion annually. . . .

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