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29

Behind Puerto Rico’s Woes, a Broadly Powerful Development Bank

By Tony Seruga

Fernandez Juncos Avenue in San Juan, Puerto Rico. The government is in a position to run out of money as early as December. CreditChristopher Gregory for The New York Times

If anything stands as a symbol of how Puerto Rico ended up mired in billions of dollars of debt, it is an oceanside golf resort going to seed some 15 miles east of San Juan.

Known until this month as the Trump International Golf Club Puerto Rico, it was built as a for-profit venture, subsidized by federal taxpayers and backed by the island’s powerful Government Development Bank, which sold to investors and guaranteed repayment of more than $50 million in tax-exempt bonds…

Behind Puerto Rico’s Woes, a Broadly Powerful Development Bank

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