(CNN) Fareed Zakaria floated the idea of a "grand bargain" between the federal government and the people of Puerto Rico to resolve the country's economic crisis.

"The federal government should commit a large, multi-year, multi-billion dollar program of investment, should restructure Puerto Rico's debt and repair the island's infrastructure."

"In return, after conditions get normal, the leadership of the commonwealth should also make some difficult economic reforms" he said.

Zakaria pointed out that many of these reforms have already been proposed by economist Anne Krueger. They're geared to making the island more business-friendly to bring back jobs, increase the tax base and stop the outflow of people.

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