Puerto Rico’s long fall from ‘shining star’ to the ‘Greece’ of the Caribbean

While the world’s attention focuses on the economic crisis in Greece, another financial debacle looms closer to home for the United States.

Puerto Rico is now being called “the next financial catastrophe,” and the territory’s outstanding debt is being compared to that of Greece.

Financial pundits are rushing to declare that both Greece and Puerto Rico are on the verge of financial collapse.

Perhaps the Puerto Rican government, like the Greek government, bears some responsibility for its financial crisis.

What do you think?