After noting the similarities of debt problems between Greece and Puerto Rico, Roos points out the selective treatment of creditors when Puerto Ricans were faced with default.
But for all these obvious similarities, there is one puzzling difference: while Puerto Rico was allowed to default on its debts without drawing much ire – or interest – from the US government, Greece has not been able to do the same. Why was Puerto Rico allowed to default while Greece was not? The answer is simple: first follow the rules, then follow the money – and you will see.Thus, if you are a creditor in the US One Percent, you will be paid in this default arrangement, but many thousands of small Puerto Rican creditors consisting of ordinary savers via their credit unions were conveniently sacrificed. Otherwise, the ultimate effects on Puerto Rican society as a whole remain the same as in Greece: public expenditures for health, education, and welfare are being slashed to pay off these One Percent creditors.