Puerto Rican bonds took a huge hit on Wednesday following President Donald Trump’s comments on the island’s massive debt.

The island’s general obligation bonds, which yield 8 percent, dropped to just 34 cents on the dollar, according to Bloomberg data.

On Tuesday night, Trump told Fox News that Puerto Rico’s debt will have to be wiped out. “They owe a lot of money to your friends on Wall Street and we’re going to have to wipe that out. You’re going to say goodbye to that, I don’t know if it’s Goldman Sachs, but whoever it is you can wave goodbye to that,” Trump said.

The president made his remarks after a visit to the U.S. territory. Two weeks ago, Puerto Rico was ravaged by Hurricane Maria, a Category 4 storm that left most of the population without electricity and water.

“This is not something a president should be doing or can do,” said Larry McDonald, head of the U.S. macro strategies at ACG Analytics. “It’s just noise and it’s pretty far removed from reality.”

“This is not a dictatorship. We have bankruptcy judges and the rule of law,” McDonald said. “But it is scaring the bond market.”