#AceNewsReport – May.30: The posh boutiques that once lined cobbled Calle Fortaleza are gone now, replaced by T-shirt and souvenir shops grasping for dollars from passengers swarming down the gangways of the Carnival cruise ships that dock here most mornings. Bars advertise “happy hours” lasting from noon till night, while old men pushing tatty ice-cream carts go mostly unnoticed.
Old San Juan, the colonial gem of Puerto Rico’s capital San Juan, is tired but clinging on. Elsewhere on the island, the story is graver.
Exhausted by a recession that has lasted for most of the past eight years and by talk of a possible default on government debt, Puerto Ricans are leaving in droves. Many who stay are jobless; doctors who haven’t been paid in months are downing their stethoscopes.
The pain that is Puerto Rico’s – and could soon be Wall Street’s if the debt crisis isn’t resolved – is poignant. Some blame its step-child relationship with America, neither a fully-fledged US state nor an independent nation. It hardly helps that Washington barely seems to care while at the same time it is suddenly lavishing attention on Cuba, its near neighbour to the west. The island has lost 20 per cent of its jobs since 2006. The unemployment rate stands at over 13 per cent.
It’s no wonder people want to get out.
Puerto Rico is billions of dollars in debt, people are leaving in droves – and now America is turning its back
Ace Worldwide News Group