Disaster Capitalism Comes to Puerto Rico
In the year since Hurricane Maria laid waste to Puerto Rico, the island's already dire economic situation has gotten even worse. And, rather than pursue fiscal reforms and debt restructuring, the commonwealth's oversight board has just certified a program that will permanently weaken the island's economic potential.
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NEW YORK – It has been more than a year since Hurricane Maria ravaged Puerto Rico, compounding the agony of a commonwealth that was already caught in an economic downward spiral. In addition to experiencing an out-migration crisis, the island sought what amounted to bankruptcy protection in May 2017. And under the US Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), a federal oversight board now oversees its finances.