PhotoPresident Trump’s visit to Puerto Rico risks compounding the damage caused by Hurricane Maria. His vow on Tuesday to wipe out the United States commonwealth’s huge debts sent its bond prices plunging on Wednesday. The island’s devastation may well necessitate a fresh restructuring, but that won’t address urgent issues. In May, Puerto Rico initiated a form of bankruptcy to restructure its more than $70 billion of debt. Mr. Trump’s comments provoked a surge in sell orders that wiped an additional 25 percent off the price on Wednesday, according to the Municipal Securities Rulemaking Board’s electronic quotation service.

Source: New York Times October 04, 2017 20:15 UTC