A Financial Control Board will soon control the government and economy of Puerto Rico. Critics view this board as a collection agency for hedge funds that own much of Puerto Rico’s $73 billion public debt.
A recent TV interview on Inside Story discussed “who owns Puerto Rico?” and how this ownership will affect the island’s future. Here is that TV interview…
Of particular concern, is the growing discussion of using Puerto Rico’s public infrastructure – its electrical grid, water supply, schools, prisons, roads, bridges, airports – as the “collateral” for this alleged “debt” of Puerto Rico.
This “privatization” of the island’s entire economy will enrich the hedge fund owners through further increases in the electricity and water rates, higher sales taxes, pension reductions, school closures, teacher layoffs, and the sale of public assets.
Gov. Luis Fortuño announces the Aerostar takeover
But this privatization will impoverish the rest of the island: turning it into a giant ATM for the hedge funds, at the expense of all its residents. An example of this is the Luís Muñoz Marín airport. From the first day that it assumed control of the airport (February 2013) until the present day, Aerostar Holdings, Inc. has been delinquent in all its electricity payments. It now owes $25 million to the government of Puerto Rico.
THE QUESTION MUST BE ANSWERED
This year – 2016 – is pivotal for Puerto Rico.
With elections in both Puerto Rico and the U.S., and the imposition of a Financial Control Board, the question of “Who owns Puerto Rico?” must be answered as clearly and completely as possible, before the island becomes gentrified beyond all recognition.
“Public Private Partnerships,” also known as P3s, are really P5s: public private partnerships for the plunder of Puerto Rico. If the island is not careful, 2016 could mark the year when Puerto Rico became one giant P5.
For a history of the War Against All Puerto Ricans, read the book…
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