The New York Times
El Nuevo Día
First printed comparison with Greece (2011):
Government (2009-12) said it left an improving economy to the next administration.
The new government (2013-2016) argued for time to address structural issues.
The debt downgrade is a matter of time.
Government and society still unwilling to address fiscal and economic problems. Three months later, the specialized press (Barron’s) “discovered” that Puerto Rico was a ticking time bomb.
We still do not want to face reality. A month later, Puerto Rico bonds were downgraded to junk and the general interest press would discover Puerto Rico. The first big article would be published by the New York Times on Sunday, February 8, 2014. There were no printed issues to be found, as they mysteriously disappeared early on this morning.
Government’s (2013-2016) solution is the largest municipal bond issue in history.
How did it come to this?