(Reuters) – Puerto Rico’s government “believes that there is substantial doubt” about its ability to continue as a going concern, it said in a draft of its long-delayed Fiscal Year 2014 financial report.
The draft, released last night, reported a $49.2 billion deficit as of June 30, 2014, which was $2.5 billion higher than in 2013. The island is mired in economic crisis and trying to resolve a $70 billion debt load.
The report also said the island’s fiscal agent, the Government Development Bank, is at risk of missing debt payments and falling below legal reserve requirements in fiscal year 2016.
