Puerto Rico's socioeconomic fiscal base has eroded and continues to erode significantly, while the central government and some public corporations are basically insolvent.
Puerto Rico may have reached the limits of sustainable growth within its current institutional framework and its leaders must find the political will to make profound changes to the socio-economic structure to pull out of the seemingly unstoppable downward spiral the island is on and insert it squarely into the new globalized economy.
The Open Society Foundations announced Monday it has awarded the Center for a New Economy a $100,000 grant to lead a group of nonprofits to create an initiative geared toward strengthening the civic core in Puerto Rico.