Economics
Fixing Puerto Rico's Debt Problem Won't Fix Its Economy
- Investor Nick Prouty says lawmakers must focus on growth
- Without growth, some fear Puerto Rico to become another Greece
Hope Ahead for Puerto Rico on Debt Deal?
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On the day after Puerto Rico’s latest debt default, Nick Prouty was feeling plenty upbeat about his $110 million building project in the island’s capital. Less so about the vacuum that surrounds it.
“Those are the only cranes you’ll see on the skyline of San Juan,” Prouty said in his office next to the condominium construction site. With politicians preoccupied by a debt deal, the developer - one of the island’s richest men - sees little attention being paid to its economic future. “There’s talk of either a bailout or austerity, and I think those are false choices,” he said. “You need to have a growth-based model here in order to emerge.”