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In an interview with the New York Times, Gov. Alejandro García Padilla admitted Puerto Rico is unable to pay its debt. - 

Puerto Rico faces a mountain of debt — more than $70 billion. And it has yet another payment due on Monday. Governor Alejandro Garcia Padilla says they’ll meet at least some of the debt obligations. It did something similar last month through some tricky accounting and the island is, at least temporarily, making payments.

Essentially, the governor is moving money from the island’s budget to pay creditors.

But the debt’s just one problem. Almost 100,000 left the island last year — most of them looking for work.

 

Follow Andy Uhler at @AU_Marketplace