Puerto Rico is facing an unsustainable level of debt. Its lenders, guardians of financial probity that they are, have come up with a solution: close schools.

The Guardian sums up a new report, commissioned by hedge funds that are owed money by Puerto Rico, that advises the sunny and fun island on how to

The hedge funds called for Puerto Rico to avoid financial default – and repay its debts – by collecting more taxes, selling $4bn worth of public buildings and drastically cutting public spending, particularly on education...

Puerto Rico’s current education spending works out at $8,400 per student, below the US national average of $10,667.

This should go over well.

[Photo: AP]