Worsening Debt Crisis Threatens Puerto Rico

All this happened because Luis Fortuno went to Maristas and not San Ignacio… tu sabes? Seriously though, this is so tragic… an island with so many inspirational figures (I still get chills when I think of looking over the ocean after Roberto Clemente’s plane went down), such great resources, incredibly developed and commercial artistic culture (literature, graphic design, painting, architecture… salsa music is played everywhere in Africa… )… is mired in social incoherence… nacion de mendigos indeed… donde esta Tati!

While Detroit has preoccupied Americans with its record-breaking municipal bankruptcy, another public finance crisis on a potentially greater scale has been developing off most Americans’ radar screens, in Puerto Rico.Puerto Rico has been effectively shut out of the bond market and is now financing its operations with bank credit and other short-term measures that are unsustainable in the long run. The biggest concern is that the territory, which has bonds that are widely held by mutual funds, will need some sort of federal lifeline, an action for which there is no precedent.

via Worsening Debt Crisis Threatens Puerto Rico – NYTimes.com.

About mkevane

Economist at Santa Clara University and Director of Friends of African Village Libraries.
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