The "King of Debt" has plenty of power, but he can't make Puerto Rico's mountain of debt magically disappear. "Trump does not have the ability to wave a magic wand and wipe out the debt," said Cate Long, an expert on Puerto Rican debt and founder of research firm Puerto Rico Clearinghouse. Related: Who owns Puerto Rico's debt? While the federal aid won't eliminate Puerto Rico's debt, it could help revive the island's economy and prevent more residents from fleeing. Less than 25% of Puerto Rico's debt is held by hedge funds, according to estimates by Long.

Source: CNN October 04, 2017 18:45 UTC