“Puerto Rico received approval from a federal judge on Tuesday to leave bankruptcy under the largest public sector debt-restructuring deal in the history of the United States.” The executive director of the unelected Fiscal Oversight and Management Board declared it “truly a momentous day,” and a “new day for Puerto Rico.” How new, exactly, is the question of many who don’t see this debt deal as fundamentally changing the story for most Puerto Ricans, because that story has everything to do with the more than 100-year colonial relationship to the United States, and their enforced inability to determine their own economic future. Nor does it upend the notion that increased austerity is somehow, despite what you see, ultimately the way to shared prosperity and well-being.

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