Puerto Rican bonds took a huge hit on Wednesday following President Donald Trump’s comments on the island’s massive debt.
The island’s general obligation bonds, which yield 8 percent, dropped to just 34 cents on the dollar, according to Bloomberg data.
On Tuesday night, Trump told Fox News that Puerto Rico’s debt will have to be wiped out. “They owe a lot of money to your friends on Wall Street and we’re going to have to wipe that out. You’re going to say goodbye to that, I don’t know if it’s Goldman Sachs, but whoever it is you can wave goodbye to that,” Trump said.