““Puerto Rico: The Financial Implications of Dependency” ….. it starts when the “colony” started!!
“Puerto Rico: The Financial Implications of Dependency” offers a well-researched, comprehensive analysis Emma Scully (Council on Hemispheric Affairs) of Puerto Rico’s debt crisis and its roots in the island’s historical and problematic “relationship” with the United States. I highly recommend reading the full article (available in the link below).
On Monday, August 3, Puerto Rico’s Public Finance Corporation defaulted on a $58 million USD bond payment, the island’s first debt nonpayment in its 117 years as a U.S. territory. Puerto Rican Governor Alejandro García Padilla has called the $72 billion USD debt “not payable.”
A report by former IMF economist Anne Krueger sponsored by the Government Development Bank of Puerto Rico offered a neoliberal analysis of the situation. To Krueger, Puerto Rico’s problems stem from the commonwealth’s too high minimum wage and overly generous welfare benefits. A somewhat less reticent report sponsored by a group of hedge…
View original post 1,026 more words