Puerto Rico Joins Greece In Debt Crisis

Greece cannot pay, therefore the debt must be restructured...end of story.

Let the banks eat their own losses this time. No more bailouts. 

America has an excellent opportunity to walk its talk about Greece in Puerto Rico, by the way. The circumstances are remarkably similar, yet somehow I doubt that mainstream economists will be calling for Puerto Rico to leave the dollar zone and fire up its own currency. 

One would think an impending debt default by what is effectively the 51st state would be frequent front page news given the implications for the municipal bond market, but apparently not. 

The global debt pyramid erected by the central bank cartel is imploding. States that cannot service debt when short term interest rates are zero are going to fold up like so much paper when interest rates shoot up as they're doing in places like Spain, Portugal and Italy, today. 

Again, *restructure* the debt and unwind the bad banks. Stop the perpetual bankster bailouts! The people can no longer afford to support this unproductive wealthy elite.



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Read the article: http://www.nytimes.com/2015/06/29/opinion/paul-krugman-greece-over-the-brink.html

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