Lighthouse in Puerto Rico

The Greece of the Caribbean

The resemblance between Puerto Rico's debt problems and the situation in Europe is uncanny. The island and its leaders can learn three important lessons from the Greek crisis – first and foremost that it is no use pretending that debt reduction can be avoided.

NEW YORK – There was a time when it might have been said that Puerto Rico, in the midst of a wrenching debt crisis, was returning to its Latin roots. After all, Latin American governments were once world leaders in over-indebtedness. But the United States’ public debt now stands at over 100% of its GDP, and Detroit has just gone through bankruptcy. Perhaps Puerto Rico is, at last, becoming more American.

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