NY Fed to Puerto Rico: Shape Up

The New York regional Federal Reserve Bank, whose purview includes Puerto Rico, has issued a cautionary report described by the Associated Press in an article for Yahoo News. The message:

The island appears to face two alternatives: either manage its own economic adjustment and put the Commonwealth on a secure fiscal basis, or wait for outmigration and the discipline of the market to force an even more painful adjustment, particularly for those unable or unwilling to leave the island.

COTTonLINE has written about Puerto Rico's troubles three times this year: here, here, and here. Sadly, this beautiful island is on track to become a third world mess. The political will to solve its problems appears not to exist.