contraction of g.d.p. or g.n.p. was papered over with bond borrowing that the government did and spend very heavily and i look back to the numbers this morning and in two thousand and six seven you had the commonwealth issuing six to seven billion dollars of debt on an economy that's about ninety billion so you can see that they were really propping up the economy with that issuance so that happened basically have till two thousand and twelve and then the bond market started to say and i wrote into march of two thousand and twelve you know this is not sustainable in fact i wrote it was like greece was the greece of the caribbean. and in fact since that time the bond markets have tapered their access to puerto rico and now they're essentially shut out puerto rico is rated triple b. investment grade by all three major rating agency all of which have told puerto rico they're on rating downgrade watch which means within the next thirty to ninety days that the bonds could be downgraded to junk well the problem with puert

contraction of g.d.p. or g.n.p. was papered over with bond borrowing that the government did and spend very heavily and i look back to the numbers this morning in two thousand and six seven you had the commonwealth issuing sixty seven billion dollars of debt on an economy that's about ninety billion so you can see that they were really propping up the economy with that issuance so that happened basically up till two thousand and twelve and then the bond market started to say and i rode into march of two thousand and twelve and this is not sustainable in fact i wrote that it was like greece was the greece of the caribbean. and in fact since that time the bond markets have tapered their access to puerto rico and now they're essentially shut out puerto rico is rated triple b. investment grade by all three major rating agency all which have told puerto rico there are on rating downgrade watch which means within the next thirty to ninety days that the bonds could be downgraded to junk the problem with puerto rico is. the