Puerto Rican Public Debt Was Stated Un Payable By The Governor Alejandro Garcia Padilla

1129 Words Sep 14th, 2015 5 Pages
A couple months ago the Puerto Rican public debt was stated un-payable by the governor Alejandro Garcia-Padilla. Even though a handful of economists, in Puerto Rico and the United States, have been working on solutions and work plans to pay the debt, there is a matter that has also come up to the surface: Puerto Rico’s political status.

There is no mystery to the way the island got itself buried in debt; however if we look back at other political issues that have been cooking since the island was occupied by the United States of America in 1898, it is understandable that a situation like this would only be a matter of time. At first we were stated as a mere Colony, it wasn 't till 1952 that governor Luis Muñoz Marin got to an agreement with the U.S. Government for a “temporary” status called “Estado Libre Asociado” roughly translated into: Common Wealth. Decades have went by and the government and citizens have completely forgotten the Common Wealth was supposed to be temporary; giving place to a territory with the identity of a country who is highly dependent of another country 's government and who is writhing in debt.

It has been stated obvious that the Common Wealth status is not that a big step away from the colony it used to be. In 2012 a Plebiscite was given in which Puerto Ricans voted that they were not happy with the actual status. It was not till the Public Debt issue came to surface once more, that again the Common Wealth was understood to not be…

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