The Grand Signal

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Puerto Rico, with at least $70 billion in debt, is losing it’s citizens in droves

December 3, 2013 | Written by The Grand Signal
Photo courtesy of fortherock

In the 1950s, 500,000 Puerto Ricans fled the country to the mainland in search of jobs and economic stability. Today, droves of Puerto Ricans are doing the same once again

“We used to move a lot of machinery into Puerto Rico, and executives who worked in the pharmaceutical industry here,” said Neftaly Rodriguez, whose father founded Rosa del Monte.

The Puerto Rican economy is stagnating. Citizens have lost faith in the social security net — Puerto Rico’s constitution gives bondholders guaruntees of payment before pensioners or public workers if the government defaults — and are leaving to better shores. Nearly 5 percent of the country’s population have left the country since 2010.

via Washington Post

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