Puerto Rico has also been influenced by African culture, with many Puerto Ricans partially descended from Africans, though Afro-Puerto Ricans of unmixed African descent are only a significant minority. Puerto Rico has also received immigration from other parts of Spain such as Catalonia as well as from other European countries such as France, Ireland, Italy and Germany. The culture held in common by most Puerto Ricans is referred to as a Western culture largely derived from the traditions of Spain, and more specifically Andalusia and the Canary Islands. The Associated Press contributed to this report.Main article: Demographics of Puerto Rico This material may not be published, broadcast, rewritten, or redistributed.

Neither the agencies nor the island's government can file for bankruptcy under current U.S. His administration is pushing for the right for public agencies to file for bankruptcy under Chapter 9. Congress to declare bankruptcy amid a nearly decade-long economic slump.

Garcia recently confirmed that he had considered having Puerto Rico's government seek permission from the U.S. Zaragoza called for a five- to seven-year plan to tackle the island's economic problems, but said Puerto Rico wouldn't necessarily adopt all the report's recommendations. Puerto Rico's Secretary Treasury Juan Zaragoza acknowledged that government revenue generated this year failed to meet expectations, and said, 'I'm not surprised that we have no money.' It is also an urgent one: The government's cash balances can evaporate in the face of delays, reducing the room for maneuver and intensifying the crisis,' the report stated.

'This is a daunting agenda politically, legally and organizationally. Greece's five-year financial crisis has sparked questions about its continued membership in the 19-nation shared euro currency and the European Union.Ī report released Monday by Krueger and others found that Puerto Rico's fiscal debt is larger than originally thought and urged the government to act quickly. The Greek government just shuttered banks for six business days and imposed restrictions on cash withdrawals. 'When it comes to the magnitude of the crisis, obviously Greece is at a much more complicated and deeper level. it's the same in Greece like in Puerto Rico,' he said. 'If we look at how the government operates, the lack of transparency of public finances, the bad quality of statistics, the massive tax evasion, the government corruption. Sergio Marxuach, policy director at the Puerto Rico-based consulting group Center for the New Economy, drew parallels between the economic problems in Greece and Puerto Rico. It's going to hurt, but there's no way out.' So we're going to take some very strict measures and some very profound measures. 'At this point, there is no more can to kick. 'The last four administrations have kicked the can down the road,' said Villamil. 'The markets are clear that Puerto Rico is heading to a direction of a restructuring or default,' said the economist, adding that a voluntary restructuring by bondholders might be the best option. consultant and CEO of an economic and planning consulting firm.

Garcia's comments will likely not have much impact on Wall Street, said economist Jose Villamil, a former U.N. mutual funds because they are triple-tax exempt, but hedge funds and distressed-debt buyers began stepping in to buy up debt as the island's economy worsened and its credit rating dropped. Puerto Rico's bonds were popular with U.S.

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