Wall Street Quakes as Trump Calls for Wiping Out Debt of Puerto Rico

Wall Street Quakes as Trump Calls for Wiping Out Debt of Puerto Rico

While the U.S. media continues its nonstop Trump-bashing, now accusing the President of ignoring the suffering of Puerto Ricans hit by Hurricane Maria, the President lobbed a bombshell in an interview that left Wall Street shaken, and the mainstream media temporarily speechless.  Following his visit to the island devastated by the storm,Trump told FOX News correspondent Geraldo Rivera that he wants to "wipe out" Puerto Rico's debt, which now stands at approximately $74 billion.

In discussing what the federal government can do to help Puerto Rico, Trump said "we are going to work something out.  We have to look at the whole debt structure."  Puerto Rico has been struggling to manage its debt since 2014, defaulting on a $58 million bond payment in August 2015, after then-Governor Padilla announced in June 2015 that "the debt is not payable."

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