Spanish Empire

The sun is bright and the beaches are great but there's trouble in paradise: Puerto Rico is drowning in debt and its people are feeling the sting of economic crisis.

“Take Greece and give us Puerto Rico”, German FinMin Wolfgang Schauble reportedly joked, when talking with US Treasury Secretary Jack Lew.

The usually frosty Schauble’s jest was obviously linked to the recent default of Puerto Rico, a long-time US territory. Essentially, he was saying the Eurozone would “cover” Puerto Rico, with “Uncle Sam” taking Greece into the “dollar zone”.

Crushed by liabilities it now cannot repay, Puerto Rico is seeking to reschedule its $73 billion debt, the US commonwealth's governor said June 29.