Puerto Rico

International Law

Puerto Rico’s Debt: The Crisis of a Modern Colony

October 21, 2018 Juan Jimenez 0

Summary: Puerto Rico currently faces the most alarming financial crisis in its modern history: a bankrupt state unable to pay the more than $75 billion it owes as national debt, accompanied by a downward economic spiral of migration, high unemployment, and a shrinking labor market. Puerto Rico’s unique relationship to the United States, its status as an ‘unincorporated territory’, has undermined the island’s sovereignty, especially in relation to its plans for economic restructuring. Under the tight control of US Congress, and particularly after the devastation caused by Hurricane María’s passing on Sept. 20, 2017, Puerto Rico’s chances of a quick and stable recovery certainly seem bleak.   Background On Sept. 20, 2017, media sources all around the world presented images and videos of Puerto Rico after Hurricane María, a category 5 storm which killed over 4,600 people, plowed through the island, and caused insurmountable devastation. As disastrous as it was, […]