(MENAFN) Puerto Rico's governor said that the island is unable to pay its approximately USD72 billion in debt, a statement likely to send waves through the US economy, AFP reported.

"The debt is not payable," central bank governor told the New York Times. "There is no other option. I would love to have an easier option. This is not politics, this is math."

He and senior staff members told the publication last week during an interview that the island, a US commonwealth, would likely seek concessions from perhaps as many as all of its creditors.

This could include delay of some debt payment for up to five years. Over the past decade, Puerto Rico's debt has doubled as investors grew increasingly worried that the government was running out of cash.