Given Puerto Rico's heightened media visibility, no doubt the world now has its eyes on how the United States will respond to the needs of the island, one of the last colonies in the world.
Although a variety of suggestions have been proposed to save the island from default, here are four reasons a clearly articulated, multi-year transition to independence is the only long-term viable solution for Puerto Rico.
Puerto Rico's economic crisis is nothing to laugh about. Drawing comparisons to Greece and Detroit could be illustrative, but the context of Puerto Rico's case is far different. Neither Detroit nor Greece has a state monopoly over energy responsible for a significant portion of their debt.
Skewed media coverage can cause policymakers and members of the American public to draw erroneous conclusions. If you genuinely want to understand why Puerto Rico is mired in a crisis, but you disregard or downplay the lack of political and civil rights in the territory, then you are missing a core point.
The economic crisis in the island is suffocating the people. Water and electricity bills have skyrocketed. Public services are far, way far, from good.
Puerto Rico is on its way to one of the largest debt defaults in history, right up there with Greece and Argentina. Economic stagnation, or contraction, is not merely a result of an economic cycle but of major long term problems that make the island uncompetitive. But is there a way out?
If Greece's creditors seek to help the country eventually stand on its own two feet, it should provide the debt relief that could make Greek products more competitive internationally. Supporting businesses is one side of the equation. The other part is investing in human capital.
Donald Trump told a large, enthusiastic Keokuk, Iowa audience that he's going to purchase the Commonwealth of Puerto Rico in order to resolve its debt crisis and rename it Puerto Trump.
One of the factors that could have contributed to this unfortunate state of affairs in state finances is the political fights that delay real solutions.
If Hollywood wants to make another "Home Alone" movie, this time with the Macaulay Culkin character all grown up but no more mature than he was as an 8-year-old in the 1990 original, I would be happy to take the role.
With a $72 billion dollar debt Puerto Rico's economy is on the verge of collapse. Now, the people of Puerto Rico -- who have been U.S. citizens since 1917 -- are left to dig themselves out of a hole the U.S. government and overzealous lenders helped create.
The governor is not asking for the federal government to bail them out of this problem. Puerto Rico only asking for the right to declare bankruptcy, which is the same right that states have. Because Puerto Rico is not a state, it cannot avail itself of the provision in federal bankruptcy law that enables cities like Detroit to restructure its debt in an orderly fashion.
The announcement that the banks and stock market in Greece would be closed was made by the Greek Prime Minister on Sunday, June 28, 2015. Within 24 hours, markets around the world declined in value. There wasn't any country you could escape to for safety.
As the recent global financial crisis taught us, privatizing gains while socializing losses is a dangerous economic policy and financial contagion cannot be easily quantified or reversed.
Over the last decade, Puerto Rico has become the Culinary Capitol of the Caribbean. The key to Travel on your Tongue, is "go where the tourists ain't," to find the authentic flavors that will make you drool long after you get back home. You won't find these places on your own. Luckily, I'm here to help.
Standing in Vieques today you may still see bombs exploding as the result of detonation, or hear that local lands remain in federal hands or notice that the ferries from Vieques to mainland Puerto Rico are full of Viequenses seeking health services, many for complicated and serious illnesses.