It’s true, as Paul Krugman says, that Greece and Puerto Rico are not in exactly the same position. PR is bust to some extent, yes, but it’s not in the middle of a catastrophe, as Greece is. However, there is also a similarity in their situations, one that’s extremely instructive. They’re both suffering from being in a monetary policy zone, a currency zone, that isn’t really suitable for their circumstances. One of the two is in a fiscal policy union as well as that monetary union, the other is not. And it’s long been agreed that if you’re to have...
