Posts by Gustavo Vélez

Democracy and Economic Development

Democracy and Economic Development

October 14, 2016 | Comments Off on Democracy and Economic Development

“Democracy, according to the Greeks, is the political doctrine that favors an intervention of its people in the government and the bettering of the conditions of a society”   Democracy and economic development are two concepts that are closely related to each other. Economic literature is comprehensive regarding the good performance of public institutions, citizen participation, transparency and the individual liberty are all essential basics for the optimum performance of the economy.   There exists a close correlation between democratic systems that are extremely functional and stable and prosperous economies. By examining the ten most competitive economies in the world
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El BGF y la muerte de las instituciones

El BGF y la muerte de las instituciones

April 11, 2016 | No Comments

Puerto Rico está viviendo momentos históricos, una coyuntura que podrá definir el tipo de país que seremos en el futuro. Sin embargo, la superficialidad con la que se mira lo que está pasando, impide que entendamos la magnitud y la gravedad del problema.  La posible sindicatura del Banco Gubernamental de Fomento (BGF), es el más reciente capítulo de la trágica novela de la que todos directamente o indirectamente, nos hemos vuelto personajes.  Previo a la crisis del BGF, experimentamos la quiebra de la Autoridad de Energía Eléctrica (AEE), otra institución clave de la transformación económica, iniciada en la década del
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Ley de Moratoria de emergencia y rehabilitación financiera de Puerto Rico

Ley de Moratoria de emergencia y rehabilitación financiera de Puerto Rico

April 11, 2016 | No Comments

Esta Administraci6n ha tornado medidas hist6ricas para atender la crisis fiscal por la que atraviesa el Pafs reduciendo gastos gubernamentales, aumentando ingresos e implementando cambios estructurales. A pesar de nuestros esfuerzos, el Gobierno del Estado Libre Asociado de Puerto Rico ( el “Estado Libre Asociado”) continua enfrentando retos fiscales y de liquidez muy serios. El Banco Gubernamental de Fomento para Puerto Rico (el “BGF”) tambien se ha vista afectado por retos similares.
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Hatch Letter to Gov. García Padilla

Hatch Letter to Gov. García Padilla

February 11, 2016 | No Comments

Dear Governor, As you know, COngress is considering ways to assist Puerto Rico in light of Puerto Rico’s economic and financial challenges. Some have proposed construction of a new, broad federal debt restructuring mechanism encompassing Puerto Rico’s obligations, many of which were issued toinvestors across the United Stateson a triple tax free basis, stemming from municipal debt, General Funddebt, COFINA debt, public pension liabilities, and debts issued from corporations.
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