Minneapolis Fed research separates Greece and Puerto Rico debt crises
Debt crisis has spilled over to the private sector in Greece but not in Puerto Rico
There is one key difference between the public debt crises in Greece and Puerto Rico, according to a staff report published by the Federal Reserve Bank of Minneapolis: the extent to which they have spilled over to the private sector.
In External and Public Debt Crises, Cristina Arellano, Andrew Atkeson and Mark Wright, note the crisis in Greece was accompanied by a run on the country's banks, which led the government to declare a bank holiday, impose capital controls and limit deposit
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