Puerto Rico Governor Says Island Can't Pay Its Public Debt

Puerto Rico's governor has warned that the U.S. island can't pay its $72 billion public debt. The news comes on the heels of the release of a critical report on the island's economy. International economists produced the report. It delivers another jolt to the world financial system, that is already worrying over Greece's collapsing finances.
Spokesman Jesus Manuel Ortiz said Sunday night that Gov. Alejandro Garcia Padilla is hoping to defer debt payments while negotiating with creditors.
Legislators are now debating a $9.8 billion budget. It calls for $674 million in cuts and sets aside $1.5 billion to help pay off the debt. The budget has to be approved by Tuesday.