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Puerto Rico Essay

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Abneil D. Alicea The Commonwealth of Puerto Rico, a Caribbean island and unincorporated U.S. territory, holds more than $73 billion in debt. According to United States Census Bureau and World Bank, the Island has only 3.337 million dwellers (2017). So, how an Island with this population is responsible for a debt of such large amount? There are several answers to this question and from different perspectives, but everyone can agree that Puerto Rico is facing a major economic crisis. I will be presenting the causes of this historic bankruptcy eyeing the economist's view, and the viewpoint of different civil society groups. Anne Krueger, an American Economist and first deputy managing director of the International Monetary Fund (IMF), together …show more content…
mainland, is employed according to their report. One of the principal causes of the deterioration of the economy has been unemployment. In Puerto Rico, the welfare system provides generous benefits to those inactive potential workers and those eligible for economic support, intensifying unemployment. The outcome has been a massive underutilization of labor, therefore, lost in production and a decrease in global competitiveness which result in loss of money. Other structural problems include the increase of the energy and transportation cost and local laws that restrict the commerce and additional business investment in the …show more content…
Religious, academics, private companies’ unions, and feminist groups decided to merge as one extended group to picket. A total of 5 different marches from different starting points ended up in front of the building that held the fiscal control board meetings. That is the place where the people imposed on the island’s government by Washington in 2016, operate with their sovereign decisions. The principal claims by the different groups represented in that strike were to make a public debt auditory, and that in the process of paying the debt, the acquired rights of the workers, be

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