Puerto Rico’s top finance officials said the government of the U.S. territory will likely shutdown in three months because of a looming liquidity crisis and warned of a devastating impact on the island’s economy.

In a letter to leading lawmakers, including Governor Alejandro Padilla, the officials said a financing deal that could potentially salvage the government’s finances currently looked unlikely to succeed. It warned of laying off government employees and reducing public services.

“A government shutdown is very probable in the next three months due to the absence of liquidity to operate,” the officials said. “The likelihood of completing a market transaction to finance the government’s operations and keep the government open is currently remote.”

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