Greece basically defaulted over the weekend with bank runs. Their banks are closed today and a limit of 60 Euros in withdrawals is being mandated. Their stock market is closed for at least a week and the Asian stock markets were a bloodbath last night. Now on the debt hit parade comes Puerto Rico. Puerto Rico is a US territory, so if it defaults, this time the contagion will be personal. You can’t go on forever spending other people’s money, building up debt and blithely thinking the piper will never come calling, because inevitably they will. All you have to do is look at Greece’s bank runs, the gas and food hording, the violence… and you see what is on the menu for Puerto Rico and soon for the US. We will reap what we have sown.
by Terresa Monroe-Hamilton
American Territory Puerto Rico May Be About To Default On Its Debt
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