Five ways to fix Puerto Rico’s economic meltdown

Source: PanAm Post
by Cathy Reisenwitz

“Puerto Rico’s foreclosure rate has more than doubled in the last decade after the island faced a real-estate crash even worse than the one that sparked the mainland’s Great Recession. Last month Puerto Rico declared bankruptcy on its $73b debt, the largest in U.S. history. This is definitely about politics. ‘This is not about politics,’ Former Gov. Alejandro Garcia Padilla said of his refusal to negotiate in good faith with creditors. ‘It’s about math.’ But like every government-created catastrophe, it’s about both.” (06/26/17)