"This is a daunting agenda politically, legally and organizationally. Greece's five-year financial crisis has sparked questions about its continued membership in the 19-nation shared euro currency and the European Union.Ī report released Monday by Krueger and others found that Puerto Rico's fiscal debt is larger than originally thought and urged the government to act quickly. The Greek government just shuttered banks for six business days and imposed restrictions on cash withdrawals. "When it comes to the magnitude of the crisis, obviously Greece is at a much more complicated and deeper level. it's the same in Greece like in Puerto Rico," he said. "If we look at how the government operates, the lack of transparency of public finances, the bad quality of statistics, the massive tax evasion, the government corruption. Sergio Marxuach, policy director at the Puerto Rico-based consulting group Center for the New Economy, drew parallels between the economic problems in Greece and Puerto Rico. It's going to hurt, but there's no way out." So we're going to take some very strict measures and some very profound measures. "At this point, there is no more can to kick. "The last four administrations have kicked the can down the road," said Villamil. "The markets are clear that Puerto Rico is heading to a direction of a restructuring or default," said the economist, adding that a voluntary restructuring by bondholders might be the best option. consultant and CEO of an economic and planning consulting firm. Garcia's comments will likely not have much impact on Wall Street, said economist Jose Villamil, a former U.N. mutual funds because they are triple-tax exempt, but hedge funds and distressed-debt buyers began stepping in to buy up debt as the island's economy worsened and its credit rating dropped. Toa Alta.Puerto Rico's bonds were popular with U.S. Sugarcane planters, oxen and steam tractor in distance Puerto Rico Reconstruction Administration (PRRA) house Ox cart hauling bundles of tobacco leaves Moving day, boy and donkey with load in tobacco field Milk station, woman fill glasses on table for children, lined up Men carrying bundles of tobacco into barn Hospital door, crowd gathered around entrance to La Plata hospital Horses with banana bunches on Pulguillas road Good Friday procession seen from aboveĭrying coffee, pile of coffee on large concrete pad, two men with large wooden tray with handles
#PROTA RICO DRIVER#
Ox cart backed up to tobacco warehouseīoy on mule with baskets, coconut grove, near Luquillo BeachĬane harvest, 6 ox team pulling carts on fieldĬane mill, horse harnessed to winch, driver resting, the Piñones- Vaciatalega area, not far from San JuanĬayey. Four horses carrying bundles of tobaccoĪibonito.
Ambulance by Don Emanuelli's houseĪibonito.
Clair Amstutz that documented everyday life of Puerto Rico from 1944 to 1947.Īibonito. These amazing color photos from Tom Lehman were taken by Dr. Spanish and English are the official languages of the executive branch of government, though Spanish predominates. The capital and most populous city of Puerto Rico is San Juan.
Virgin Islands it includes the eponymous main island and several smaller islands, such as Mona, Culebra, and Vieques. Puerto Rico is an archipelago among the Greater Antilles located between the Dominican Republic and the U.S. It is located in the northeast Caribbean Sea, approximately 1,000 miles (1,600 km) southeast of Miami, Florida. Puerto Rico is an unincorporated territory of the United States.
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