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Puerto Rico contemplates austerity as insolvency looms

HIGHLIGHT - Puerto Rico has an overall debt of about $71 billion and is struggling to remain solvent. The government of the U.S. territory routinely turns to transnational hedge funds for financing, but these foreign lenders are now demanding that San Juan implement strict austerity measures as a precondition for further funding.

Without serious tax increases and spending cuts, Wall Street cautioned, the island would be cut off from the financing that it has come to rely on to stay afloat.

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