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Cabán, Pedro
Pedro Cabán
Puerto Rico and PROMESA: Reaffirming Colonialism
by Pedro Cabán | Summer 2017 |
“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.