A mural alongside Baldorioty de Castro Avenue in San Juan, near the exit to De Diego Street, reads nowadays, “¡Auditoría ya, mamabichxs! A ciegas no” (which roughly translates into “Audit Now, suckers! Don’t do it blindly.”)
Puerto Rico had greater financial resources than it previously claimed, but there continues to be little transparency in the process, and audited financial statements still have not been produced since 2014, said Dominic Frederico, CEO of Assured Guaranty Ltd., which holds government debt.
In upcoming years, the term “debt forgiveness” will become a common phrase among individuals, proprietorships, and businesses in Puerto Rico, but not for a good reason.