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Business Daily: Puerto Rico's Debt Crisis

01/11/2013

Puerto Rico's Debt Crisis

BBC World Service - Business Daily, Puerto Rico's Debt Crisis

Could Puerto Rico be about to default on its debts?

The US territory of Puerto Rico is struggling to avoid defaulting on its debts. Its reputation as a bond issuer, with more than $70 billion of outstanding debt, has taken a beating amid concerns about the ability of politicians to balance the Caribbean island’s budget and its 13.9% unemployment rate. Investors’ interest in Puerto Rico’s debt stems from the special tax breaks it attracts. Alan Schankel, of the wealth management firm Janney Montgommery Scott, gives his view on how serious the country's debt problems are. 

And, we take a look at a place where there is no looming financial crisis - unfortunately it is not on this planet. India plans to launch an orbiter craft into space, targeting the planet Mars. Justin Rowlatt travelled to Ahmedabad ahead of the launch to speak to Professor Jitendra Goswami, the senior scientific advisor for the project.

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