U.S. approves bill to help Puerto Rico’s financial crisis

In total, Puerto Rico has 70 billion dollars in public debt

CHICOPEE, Mass. (WWLP) – The U.S. has approved a bill to help Puerto Rico with its fading economy. The economy in Puerto Rico continues to get worse, but it’s not discouraging travel to the island. The United States has created a federal control board to oversee the island’s finances.

Puerto Rico is severely short on cash. In total, Puerto Rico has 70 billion dollars in public debt. Puerto Rico is on pace to miss a payment of 2 billion in debt payments, most of which are in obligation bonds.

President Obama is trying to help the country with creditor lawsuits who are trying to get back the millions of dollars invested in Puerto Rico bonds. 22News found out Puerto Rico’s growing debt is making it less expensive to travel there.

Doreen Coakley Rodriguez, of New World Travel told 22News, “The tickets have dropped extremely low. Puerto Rico for this time of year would normally be $485 – $585, they’ve dropped round trip to $387 – $400.”

The hotels are calling us to say they’ve dropped rates for their rooms. Condominiums across the island have dropped their rates because they need to fill their homes. This is usually high season for the island.

Ten banks over there are now closed to contact institutions and make sure you have access to bank or ATM so most people are using their credit cards.

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