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.
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