Prof. Julian Go on Puerto Rico Debt Crisis in BU Today
Following a June announcement by governor of Puerto Rico that the commonwealth could not pay its $72 billion debts, the island’s Public Finance Corporation defaulted on most of its debt in August. With a 12.4% unemployment rate, a housing bust, drought, and a mass exodus tens of thousands of middle-class workers to the United States in search of jobs, Puerto Rico is now seeking debt forgiveness and other forms of relief.
In an article in BU Today, Professor Julian Go discusses the history leading up to the defaults, possible solutions, and similarities to the Greek debt crisis.