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Puerto Rico will run out of money by February, the governor-elect says

Puerto Rico’s Capitol in San Juan, Puerto Rico.

(AP)

SAN JUAN – Puerto Rico’s governor-elect is a warning that the territory of the V. S. will run out of money by February to pay employees.

Ricardo Rossello said Monday that only about $147 million will remain in the island. His announcement comes in the midst of the ongoing transition hearings in which Puerto Rico’s public institutions present their current financial status and performance in the past four years.

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Rossello said that his government will investigate whether there is any negligence involved in the way funds were managed in the past four years. He said that he draws for a number of administrative tasks aimed at the economic crisis after she is sworn in on Jan. 2.

Puerto Rico is facing a decade-long economic crisis and a nearly $70 billion public debt load that Gov. Alejandro Garcia Padilla has said is unpayable.

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