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.
Publisher Acknowledgment This article was reproduced with permission: Caban, Pedro. “Puerto Rico and PROMESA: Reaffirming Colonialism” New Politics Journal, vol. 14, no. 3, (Summer 2017): http://newpol.org/content/puerto-rico-and-promesa-reaffirming-colonialism