For some news outlets, Puerto Rico is being referred to as “The Greeks of the Caribbean,” or “America’s Little Greece” due to the country’s escalating financial crisis that’s hitting the Caribbean island and could have an impact on the United States as well.
For over a decade now, Puerto Rico has been in a recession and has shown little signs of emerging from it. With a devastating budget deficit, a public sector far too large for the country, an economy that’s dismal, and having been feasted upon by investors who stayed far too long within the country due to its high-taxed bond advantages are just some identifiers to how the country fell into their current financial dilemma.
And with the Commonwealth of Puerto Rico being closely tied to the United States, there are a great deal of elected officials from New York and across the country who are requesting that Congress do something to aide Puerto Rico in their time of need; because if the crisis with Puerto Rico’s debt continues it not only threatens the country’s economy but our economy as well.
In a letter issued to Congress requesting that they take immediate action to enact legislation allowing the island country to file bankruptcy, Bronx Borough President Ruben Diaz Jr. along with 100-elected officials from New York and afar have stated that:
“The interests of the Puerto Rican community, whether they are in Puerto Rico, New York, New Jersey, California, Illinois, Pennsylvania, Ohio, Florida or anywhere else are American interests. Congress has an obligation to act and pass legislation that seeks to amend the Federal bankruptcy code and provide Puerto Rico, and its related power authorities and municipalities, access to Chapter Nine Bankruptcy protections,
I am appreciative that so many elected officials from across the United States understand the need for federal action to address Puerto Rico’s ongoing debt crisis and were willing to join forces with my office to push Congress on this issue,” said Borough President Diaz. “I will continue to work with my colleagues to advocate for a remedy to the crushing fiscal crisis facing the commonwealth. ,”
PR is in a very tight financial crisis. What do you think the Puerto Rican or US Government should do? Sound off by commenting below.
The letter in its entirety can be read: here.
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