Puerto Rico Attempts Recovery Despite Debt Crisis: Utilizes Technology and Entrepreneurship
For years, the commonwealth of Puerto Rico acquired more than $70 billion of credit that has been accumulated for over 10 years by issuing civil securities. It utilizes the assets to compensate for declining government income and avoid profound cuts in services and unemployment of public workers. However, Puerto Rico can no longer manage to pay the costs of what it owes and the island is reeling under more than a billion of obligation as the officials have warned about its inability to pay back.
The local government's reckless issuance of bonds and the decision by the U.S. Congress to cut its allied tax breaks have been added to the current fiscal crisis and successive departure of U.S. companies and Puerto Rican residents from the island. The White House had picked seven specialists in finance and the law who will supervise Puerto Rico's fiscal issues under a law institutes that is intended to help the island to rebuild its debt obligation. The U.S. government plan drew a lot of feedback from both sides of the political aisle, and the passage of the law draw out protests among the island's residents, as The New York Times reports.
The previous Governor Alejandro Garcia Padilla intensely campaigned for the bill's passage and he recognized that the district has far to go to recover financially. For a considerable length of time, Obama administration has pressed Congress to assemble together a solution for Puerto Rico. Gov. Garcia Padilla established a law that let him block debt installments and protect the island's dwindling money.
As part of its new monetary improvement plan, Puerto Rico officials are looking forward to Technology and entrepreneurship to help the economy revitalize. In addition, Tech Crunch reported that the plan can attract brilliant personalities back to the island and solve the maintainability issues upsetting the district. In terms of the technology sector, Puerto Rico is attempting to re-examine itself as a knowledge-based economy that will contend globally to some part by making a flourishing entrepreneurial ecosystem.
In 2012-2013, Puerto Rico ranked on third in the accessibility of researchers and engineers of the Global Competitiveness Report from the World Economic Forum. The CEO of the Puerto Rico Science, Technology, and Research Trust, Lucy Crespo aims to transform the island into a tech hub by 2020. The Technology Transfer and Commercialization Office has been recently established to create and popularize protected innovation from the island's of colleges and give income tax for researchers working in their given program.
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