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Puerto Rico: Governor-Elect Says Island Will Run Out of Money By February

Puerto Rico's governor-elect is warning that the U.S. territory will run out of money by February to pay public employees.
Old San Juan the original capital city of San Juan, Puerto Rico.
The cupola of San Juan Cemetary as well as colorful homes sit next to the ocean April 26, 2004 in Old San Juan, the original capital city of San Juan, Puerto Rico.Joe Raedle / Getty Images
/ Source: Associated Press

Puerto Rico's Governor-elect Ricardo Rossello is warning that the U.S. territory will run out of money by February to pay public employees.

Rossello said that only about $147 million remains in the island's coffers. His announcement comes amid ongoing transition hearings in which Puerto Rico public agencies are presenting their current financial status and accomplishments for the past four years.

RELATED: Experts: PROMESA Act Done, Job Now is to Keep Puerto Rico Afloat Amid Debt

Rossello said his administration will investigate whether there was any negligence involved in the way funds were managed in the past four years. He said he will sign several administrative orders targeting the economic crisis after being sworn in on Jan. 2.

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

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