Former IMF economists give damning assessment of Puerto Rico economy

Unverified report tells Caribbean nation it ‘faces hard times’ and ‘a crisis looms’ and it must restructure debts to bridge coming financing gaps

The struggling Caribbean island Puerto Rico needs to restructure its debts to bridge financing gaps in coming years, in what could be a precedent-setting move, according to a copy of a report by former IMF economists posted on websites of the island’s media.

Puerto Rico’s governor’s office and a spokesman for the Government Development Bank (GDB), which commissioned the report, were not immediately available to comment on the authenticity of the posted document.

Related: Puerto Rico in crisis: weighed down by $73bn debt as unemployment hits 14%

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Greece crisis: markets begin to tumble as investors flee

Markets across Asia slide and $35bn is wiped from Australian stock market on what is expected to be a torrid day following the closure of Greek banks

Markets suffered across Asia on Monday as Greece shut down its banks for a week ahead of an increasingly likely debt default.

Oil prices declined and the euro edged down against the dollar, while Tokyo’s Nikkei 225 index fell 2% to 20,283.98 points. The Shanghai Composite Index was off 0.4% at 4,178.56 despite China’s surprise weekend interest rate cut.

Related: Greek debt crisis: the key points of Athens bank controls

Related: Australian shares plunge as $35bn wiped off stock market over Greek crisis

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Chinese Stocks Crash Most In 19 Years, Re-Open Limit Down (Despite PBOC Hail Mary)

Carnage…

*CHINA STOCK PANIC SELLING TO CONTINUE, CENTRAL CHINA ZHANG SAYS

This leave China's CSI-300 broad stock index futures up just 7% year-to-date…

*CHINA CSI 500 STOCK-INDEX FUTURES FALL BY MAXIMUM 10% LIMIT *CHINA CSI 500 STOCK-INDEX FUTURES FALL BY LIMIT FOR 2ND DAY

*HKEX DROPS AS MUCH AS 7.3%, MOST SINCE SEPT. 2011 *SHANGHAI COMPOSITE INDEX EXTENDS DROP TO 7.5% *SHANGHAI COMPOSITE HEADS FOR BIGGEST 3-DAY DROP SINCE 1996

Carnage-er…

*CHINA'S CSI 300 INDEX FALLS 3.4% TO 4,190.3 AT BREAK *CHINA'S SHANGHAI COMPOSITE FALLS 3.8% TO 4,035.48 AT BREAK *CHINA'S CSI 500 STOCK INDEX FUTURES EXTEND LOSSES TO 5.7% *CHINEXT INDEX PLUNGES 7.8% FOR 3-DAY 20% SLIDE

After The People's Daily proclaimed… “investors were moved to tears” thanks to the PBOC's actions…

*FOUNDATIONS FOR A-SHARES ARE `SOLID': CHINA SECURITIES JOURNAL *CHINA STOCK MARKET TO HAVE 30 YEARS `GOLDEN AGE': SEC. JOURNAL