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March 6, 2016 2:00 PM

How Puerto Rico got into its current financial mess

Conditions are grim across the island as income falls, unemployment rises and people leave, further eroding the tax base

The current economic slide dates to 2006, when a federal tax code provision exempting income earned by U.S.-based companies in Puerto Rico ended

The government has already defaulted on $232 million of debt and has no money to pay $400 million due May 1

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