ECONOMY

Puerto Rico will run out of money in February, governor-elect says

Puerto Rico’'s Capitol in San Juan, Puerto Rico.

Puerto Rico’'s Capitol in San Juan, Puerto Rico.  (AP)

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

Ricardo Rossello said Monday 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.

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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 Gov. Alejandro Garcia Padilla has said is unpayable.