A firefighter participating in the 56th annual Puerto Rican Day Parade, New York. Angel Zayas/Demotix. All rights reserved.The island of Puerto Rico, whose cash recently ran dry, has stepped out of its more usual geo-political obscurity and confusion (‘is it the US or isn’t it?’) to become relevant in the global theatre of financial crises. Comparisons between its $58 million bond default (and $70 billion debt) and the Greek situation now abound, making its case – as well as the austerity and restructuring pursued by the local government, with the pressure of Wall Street and its hedge and vulture fund managers – more relatable to a world already saturated in the media language of default-debt-crisis.
The reasons for exactly how and why this modern "postcolonial colony", as Ramon Grosfoguel and others have aptly labeled it, became the "Greeks of the Caribbean" are hotly debated and contested, and usually end up focusing on the island’s political status. Whether it’s a pro-independence or pro-statehood exponent, the constraints the status places upon islanders are beginning to make some real (if partial) noise.
This is not just because of the obvious reason that Puerto Ricans on the island cannot vote for the American President despite holding an American passport. It is also because in moments of deep and prolonged recessions like the one the island has been experiencing since 2006, wealthy Americans (and local elites) appear to benefit from the most desperate moves, like making the island "a new age tax haven", while many locals already struggling to subsist are losing jobs or incomes while being taxed anew. While this dynamic has been a constant since the US set foot in PR, it only surfaces with force during moments of pronounced struggle and collective despair.
