Puerto Rico owes nothing
By Carmelo Ruiz
Posted May. 30, 2016
By now, most Americans are aware of Puerto Rico’s financial woes, which are comparable to those of Greece and Detroit. The U.S. territory’s public debt has ballooned to more than $72 billion, and the government is already defaulting on its payments to bondholders.
Some members of the U.S. Congress are proposing a fiscal control board that would have totalitarian powers to squeeze Puerto Rico’s economy. Such a body would likely slash spending on health, welfare, education and basic infrastructure, privatize government functions, lay off thousands of public employees, raid pension funds and even lower the minimum wage.