Reliance on tax breaks hits Puerto Rico economy
But the entrepreneurial spirit in the US territory lives on despite its descent into the largest municipal debt crisis in American history
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Arecibo, Puerto Rico
PRUDO Jimenez was born on a sugar farm here in 1941, when agriculture ruled Puerto Rico's economy. He grew up to be a supervisor for drug maker Syntex in the 1960s, after US manufacturers came in droves, seeking a tax haven.
The peppy 75-year-old personifies an economic development movement designed to transform a generation from poor farmers to industry leaders. Yet when Mr Jimenez started his own venture, a horse breeding operation, he couldn't make it work.
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