Puerto Rico's Debt Crisis

Experts discuss the factors that led to Puerto Rico’s crisis, the options for restructuring its more than $70 billion debt, and solutions for helping fix the island’s economy.

Speakers:

Cate Long, Principal, Puerto Rico Clearinghouse

Richard Ravitch, Former Lieutenant Governor, State of New York

Brad W. Setser, Senior Fellow, Council on Foreign Relations; Former Deputy Assistant Secretary, U.S. Department of the Treasury

[arielfornari]

Thus far this is about the best You Tube I've seen on this subject. Others are coming out as well, but up to the moment this is the real humdinger.

[RicardoRMedina]

The biggest problem of the so called Commonwealth of Puerto Rico is that it is in reality a territory, it  depends on the American Government for help because as a territory it does not have the power to make commercial treaties with other Nations. Killing the 936 Tax Credit killed a big source of revenue for the Island. The present political status of the Island does not work anymore and in my own opinion the only two options for Puerto Rico is either Statehood or Independence. I don't see the Statehood option happening anytime soon because of the economic problem and much less if you have a Republican controlled Congress because the Puerto Rican people even though are US citizens they cannot vote in a presidential election because the Island is not a State,  but they can vote in US primaries and the majority do so voting Democrat.  I don't see Independence either  because the majority of the population is against it unless the US dumps it or cedes it to another country. Puerto Rico was a Spanish colony for 400 years and 119 years a American territory so saying this IMO it would be easier to get independence  from the US than becoming the 51st State. The question is what are the probabilities the Puerto Rican people can be able to govern themselves without becoming another Cuba if it ever becomes independent?

[lisalasoya]

What this lecture consist of: a statue Puerto Rico Dep't of Consumer Affairs v. Isla Petroleum Corp. Supreme Court of the United States February 29, 1988, Argued ; April 19, 1988, Decided No. 86-1406. Which we'll give you the input sooner rather than later.