"In Puerto Rico, the United States now has its own version of Greece." - Greece Essay By Barry Eichengreen - Wednesday July 8th, 2015 at 1:00 PM
Greece Essay By Barry Eichengreen Wednesday July 8 th , 2015 at 1:00 PM SPIEGEL ONLINE - Schlagzeilen 1 Share In Puerto Rico, the United States now has its own version of Greece. The territory's debts are unsustainable. Public employment and pensions are swollen. Work in the underground economy, where taxes are evaded, is rife. Modern infrastructure is lacking. The commonwealth exports little for an economy of its size. Many of the best and brightest have decamped in search of better opportunities. Since these problems were a long time in the making, fixing them will take years. So Puerto Rico is, in a literal sense, Greece in another guise. But can you imagine the United States putting all other domestic and foreign policies on hold while it attempts to resolve the crisis? The idea is ludicrous. But that is precisely what Europe has done. Europe has been unable to broker a comprehensive agreement on how to handle its Mediterran