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The geography of Puerto Rico and its political status are both determining factors on its economic prosperity, primarily due to its relatively small size as an island; its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United ...
When a government issues bonds, it is effectively lending money, with interest, to bondholders. Prompted in large part by this tax advantage, Puerto Rico issued too much bond debt and began relying on borrowed funds from bond issuance to balance its budget.
Around $30 billion, or about 42% of Puerto Rico's outstanding debt, is owned by residents of Puerto Rico. They and local businesses are the parties that are most affected by the government cuts and the increased taxes that have been imposed to stabilize the island's finances.
Nearly 70% of US-based municipal bond funds own Puerto Rican bonds or have some kind of exposure to Puerto Rico. A notable cause for this tendency is the fact that Puerto Rican bonds are triple tax-exempt in all of the states regardless of where the bond holder resides.
Puerto Rican households experience a number of financial hardships: The annual household median income in Puerto Rico was just below $22,000 in 2021. 1.4 million people in Puerto Rico are reported as living below the federal poverty line.
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
The Caribbean island, which shares a close yet fraught relationship with the rest of the United States, faces a multilayered economic and social crisis rooted in long-standing policy and compounded by natural disasters, the COVID-19 pandemic, migration, and government mismanagement.
On July 25, 1898, U.S. troops invaded Puerto Rico and occupied it during the months of the Spanish-American War. When the Treaty of Paris was signed in December, ending the war, Spain ceded Puerto Rico to the United States.