Jean René Santiago Cruz

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Austerity Natural Disaster

Austerity Natural Disaster

Why we should push for debt forgiveness for Puerto Rico

Over the last twenty years, international stakeholders have come together in an impressive show of political consensus to provide debt forgiveness to poverty stricken countries through the introduction of programs like the Multilateral Debt Relief Initiative and the Heavily Indebted Poor Countries Initiative. Eligible countries, often affected by war, famine, or natural disasters, have been able to get complete write-offs of their external debt, as well as access to development loans at sustainable rates of interest. Most crucially, these countries have seen their gross domestic product rise after decisive debt relief. Puerto Ricans should get a similar deal.