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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 116703
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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According to US and international law, Puerto Rico has no power

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According to US and international law, Puerto Rico has no power to borrow money from the International Money Fund. Puerto Rico is a colony of the United States. So why is Puerto Rico broke? Should not the goverment of the US absorb the losses rather than having wall street constantly declare our bonds tripple AAA negative. Is anyone paying attention to this phenomena or is the colonial government in Puerto Rico pulling the legs of the population in exacerbating the chronic economic condition to appease the multinational corporations so as to maintain the colonial condition.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Actually, Puerto Rico has the benefits of being their own country and also of being allowed protection of the US laws as well. This issue with Puerto Rico has been going on for a long time I am afraid and this is why many have been fighting to either make Puerto Rico a state or cut them loose, but neither has happened and as such they continue to enjoy the benefits of the US laws such as bankruptcy and also supporting their government as well.

There is a US District Court and bankruptcy court in Puerto Rico and all of the US federal laws on bankruptcy apply there as you likely found out.

Congress appears to not ever want to deal with this matter and they have avoided it for years actually.

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