Cutting PR loose creates a new Cuba. They need to reinstate the tax breaks that Clinton did away with. They need to establish a control board like they did with Wash. DC and manage the finances and the government. As to their debt, everybody gets a 15 percent haircut and reamortized bonds.
And what about all the insane benefits and unsustainable pensions paid to all the government workers? They need to equally feel the pain as this also contributed to the crisis. Heck, some of the largest bonds issued were to cover exorbitant pension obligations. Keep in mind, Puerto Rico touted the fact that it can’t declare bankruptcy and bond payments would take precedence to these payments when selling them to the various investors. If we’re now asking investors to waive those promises, public unions and government workers must share the pain.