After nearly a decade of recession, Puerto Rico may finally get the debt restructuring it needs to put its economy back on a sustainable path. But there is little hope of restoring growth if the US government persists in its neo-colonial approach to the island.
NEW YORK – Puerto Rico’s economy has been contracting for nearly a decade – one of the worst recessions in recent history among economies not experiencing domestic conflict. Indeed, its slump has far outlasted that experienced by, say, the Baltic states, which also endured sharp contractions in the aftermath of the 2008 global financial crisis. Why hasn’t Puerto Rico’s economy rebounded?
NEW YORK – Puerto Rico’s economy has been contracting for nearly a decade – one of the worst recessions in recent history among economies not experiencing domestic conflict. Indeed, its slump has far outlasted that experienced by, say, the Baltic states, which also endured sharp contractions in the aftermath of the 2008 global financial crisis. Why hasn’t Puerto Rico’s economy rebounded?