Puerto Rico's Debt Crisis: Challenges and Opportunities

By Gustavo Vélez

Since 2006, Puerto Rico has been struggling with its worst economic crisis in recent history. In early February 2014, the three main U.S. credit agencies, decided to downgrade the island's credit to "junk status," and Puerto Rico became the first U.S. jurisdiction to fall under this classification. After the credit downgrade, the government's fiscal strategy continues to be based on imposing new and more taxes and on implementing short term fiscal measures. The local political leadership lacks the will to implement the structural reforms needed to get out of the economic depression. Puerto Rico's public debt per capita ascends to $20,384, while the debt per tax payer is of $89,181. Nearly two years after the credit downgrade, as the economic situation spiraled, Puerto Ricans seem to have lost hope for a better future within their country. In this book, we look into the economic and fiscal crisis problem. The author proposes alternatives to overcome the current crisis and help the fiscally distressed U.S. territory find a new economic horizon.

• Format: Paperback
• Language: English
• ISBN: 1519157010
• ISBN13: 9781519157010
• Release Date: November 2015
• Publisher: CreateSpace Independent Publishing Platform
• Length: 128 Pages
• Weight: 0.49 lbs.
• Dimensions: 8.5" x 0.3" x 5.5"