Debtors’ Island: How Puerto Rico Became a Hedge Fund Playground

You could call it a perfect storm: a fiscal crisis converging with a deep secular economic decline.1 Once touted as the showcase of U.S.- led economic development, debt-strapped Puerto Rico is currently embroiled in a struggle for survival. During the mid-twentieth century, Puerto Rico grew at a rapid pace, betting on cheap labor, privileged duty-free access to the U.S. market, and tax incentives for U.S. companies. By the 1970s, however, the formula had lost steam and …

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