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S&P Study Cautions About "Rising Nationalism" In P.R.

May 18, 2000
Copyright © 2000 PuertoRicoWOW NEWS SERVICE and ASSOCIATED PRESS. All Rights Reserved.

Reacting to a Standard & Poor’s (S&P) finding that nationalism is on the rise in Puerto Rico, Gov. Pedro Rossello on Wednesday said what is happening is a feeling of pride that Puerto Ricans have and not nationalism.

"There is no separatist nationalism. There is a feeling, however, of being proud of being Puerto Ricans, and it’s present because we have understood that we can do things. In this last decade, we have realized that although there are big problems they can be solved," Rossello said.

For Rossello, nationalism is a feeling about Puerto Rico being a free country, a sentiment that he said has been largely rejected because in all elections and referendums independence and separatism has received only 3% to 4% of the vote.

The governor tied the report results from the pending status issue and said it is just one "more symptom of the disease," which will only be healed once the status issue is resolved.

The S&P bond and stock rating company issued a report on the "emergent nationalism" in Puerto Rico, although it described as "very low" the island's average risk at medium term in the financial, commercial and political sectors.

According to published reports, S&P highlighted that "the strong sense of nationalism of the population could turn into a source of instability and political risk in the future, particularly if the economy goes through a prolonged recession resulting from the loss of U.S. incentives."

The report states that the nationalistic feelings endure, despite polls consistently showing that 95% of the population wants to keep U.S. citizenship.

This was the first time that S&P introduces the negative potential of nationalism in its risk analysis on investments on the island.

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