There is never a perfect time to announce you arevirtually bankrupt. For Puerto Rico, however, this week was a better moment than most. OnSunday, the island’s government released a long-planned economic report written by AnneKrueger, a former World Bank chief economist, which declared that the territory was in fiscalcrisis. As governor Alejandro García Padilla put it, the island’s $72bn debts are now “notpayable.
无论什么时间宣布你事实上已破产都不合适。然而,对波多黎各而言,早宣布或许更好。不久前,该岛政府公布了由世界银行(World Bank)前首席经济学家安妮•克鲁格(Anne Krueger)撰写的一份准备已久的经济报告,报告宣布这块美国领地陷入了财政危机。正如波多黎各总督亚历杭德罗•加西亚•帕迪利亚(AlejandroGarcía Padilla)所言,该岛目前有720亿美元债务“无法偿还。
But instead of sowing widespread fear, debt prices only wobbled. For with Greece in full-blownfinancial crisis, and the Chinese markets tumbling, Puerto Rico’s revelation seems almost asideshow. Nevertheless, it would be a mistake to ignore what is happening in Puerto Rico. ForProfessor Krueger’s report highlights two important points. First, Greece is not the only placegrappling with excess debt, poor governance and opaque finances. Second, America, likeEurope, badly needs to become more imaginative — and practical — in dealing with excesspublic sector debt.
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