The GDP of Puerto Rico is $76B, about 21% the size of Greece's GDP ($356B). On Friday, the FDIC shut down 3 banks in Puerto Rico with deposits of $14.8B, or nearly 20% of Puerto Rico's GDP. Combined, these 3 banks were $5.3B in the red.
This feels much closer to home, doesn't it? For more information on all of Friday's bank closures (which were quite serious), see Jim Sinclair's Mineset.
This feels much closer to home, doesn't it? For more information on all of Friday's bank closures (which were quite serious), see Jim Sinclair's Mineset.
$16 billion in public debt.
ReplyDelete-4.5% GDP growth in 2009
Half of it population lives below the poverty level.
If I am not mistaken, I haven't read the mineset piece yet, this is 15% of the commercials in Puerto Rico.
I wonder how tourism and RE are doing since 2008?
Maybe they are just trying to keep up with US.
MMR