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July 21, 2015

S&P Downgrades Puerto Rico's Debt, Calls Default "Virtual Certainty" 
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The credit rating agency Standard and Poor's has downgraded Puerto
Rico's debt. In a statement Monday afternoon, the agency said it was a
"virtual certainty" that the island would default on its upcoming debt
payments on August 1. Unlike U.S. states, Puerto Rico is not permitted
to declare bankruptcy. Many have taken to calling Puerto Rico "America's
Greece."

 

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