Puerto Rico more important than Greece, China
As default looms large over Puerto Rico, CNBC's Jim Cramer said Tuesday the situation there is more important to investors than the Greek saga or the situation in China.
"Everybody had it. Rich people had Puerto Rico. Mutual funds had Puerto Rico [bonds]. A lot of hedge funds had levered up Puerto Rico because it was such a great trade. It turned out to be not so great," Cramer said on "Squawk on the Street."
Cramer made his remarks a day after the U.S. territory's governor, Alejandro García Padilla, told The New York Times that, as the situation stands now, Puerto Rico cannot pay its $72 billion debt. "This is not politics, this is math," García Padilla said.
http://www.cnbc.com/id/102798297
As default looms large over Puerto Rico, CNBC's Jim Cramer said Tuesday the situation there is more important to investors than the Greek saga or the situation in China.
"Everybody had it. Rich people had Puerto Rico. Mutual funds had Puerto Rico [bonds]. A lot of hedge funds had levered up Puerto Rico because it was such a great trade. It turned out to be not so great," Cramer said on "Squawk on the Street."
Cramer made his remarks a day after the U.S. territory's governor, Alejandro García Padilla, told The New York Times that, as the situation stands now, Puerto Rico cannot pay its $72 billion debt. "This is not politics, this is math," García Padilla said.
http://www.cnbc.com/id/102798297
