Puerto Rico’s Dance With Debt
Puerto Rico is mired in debt and facing default. And US colonialism is one of the main culprits.
by Ed Morales
Puerto Rico, a de facto colony of the US, is usually not in the news outside of the travel and style sections. But as it stumbles towards a September default deadline that threatens to shut down government operations, the island territory has been a fixture in the business press, with headlines like: “Puerto Rico Faces Tough Choices Ahead,” “Puerto Rico Power Authority Deadline Extended,” and “A Desperate Puerto Rico Raises $1.2 Billion in Short-term Financing.”
According to the neoliberal narrative, the rapidly intensifying economic crisis is an open and shut case: Puerto Rico, legally an unincorporated territory of the US, is caught in a debtor’s trap of borrowing to pay for essential operations. And now the bill is coming due. Bloomberg Business likens it…
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