Author: Pedro Cabán

Pedro Cabán is professor and chairperson of the Department of Latin American, Caribbean, and U.S. Latino Studies at the University at Albany. He is author of Constructing a Colonial People: Puerto Rico and the United States, 1898-1932.

 

Puerto Rico and PROMESA: Reaffirming Colonialism

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“Puerto Rico will be in a death spiral!”

With this dramatic announcement, Governor Alejandro García Padilla transformed the island nation’s long-simmering debt overhang problem into an international spectacle. A financial mess that seemingly concerned only institutional investors, municipal bondholders, and some hedge fund managers exploded into a full-blown debt crisis with disquieting parallels to the situation in Greece.

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