According to The Atlantic, Alejandro Garcia Padilla Governor of the Island of Puerto Rico recently explained to The New York Times the island, has been struggling with about $72 billion of debt, and there is no way that the island will be able to pay that money. The financial problems of the island are extremely worse than what it looks like on the surface.
“Puerto Rico’s problems are large and interdependent, which makes solving them a complex and difficult task. Tourism is down, employment is low, poverty is high, and the island has suffered through the economic pain of falling home values, rising oil prices, and overall decreased competitiveness.” This situation is not something that you can fix in a short intervention. To resolve that, it is clear that the financial authorities have to act quick but they need to maintain that recovery for a long time. If they just inject money into the economy without a long term plan and goal, in the future the same crisis will occur again. “The governor said that success would require sacrifice from everyone, including bondholders. “If we don’t take responsibility today, we risk having no solutions at our disposal,” he said. “We will not permit the heavy weight of inherited debt to bring us to our knees. ””
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