The Puerto Rico debt is ILLEGAL

Book - 12-10


A bombshell report from the Public Credit Comprehensive Audit Commission (PCCAC) of Puerto Rico was released this week. It documents how $4.4 billion – and possibly up to $30 billion – of Puerto Rico’s “public debt” is illegal.

If the debt is illegal, then Puerto Rico does not have to pay it.

You can read the entire PCCAC report below, via the link that is provided.

The 17 members of the PCCAC commission include securities analysts, banking executives, corporate attorneys, CPAs, university economics professors, and representatives from credit unions and organized labor.

Their report was announced in a press conference by Gov. Alejandro Garcia Padilla. It is written in clear and succinct language, contains dozens of footnotes, and lists over 100 supporting documents and evidentiary exhibits.

Here is the PCCAC report:

It is 44 pages long, but pages 2-3 tell most of the story:

As of 2006, Wall Street bond traders compelled the Commonwealth to issue dozens of questionable bonds. These bonds violated Article VI, Sec. 2 of the Puerto Rico Constitution (debt levels exceeding 15% of GDP), Securities & Exchange Commission Rule 15 c2-12 (public disclosure requirements), and statutory prohibitions on deficit financing and predatory lending.


To put it bluntly, Wall Street created a Ponzi scheme for Puerto Rico…a multi-billion dollar financing structure, wherein a continuous stream of bonds were issued to cover the debt service and interest payments on preceding bonds.

Meanwhile, the debt continued to skyrocket…even as electrical and water rates went up, sales taxes rose to 11.5%, gasoline taxes doubled, pensions were cut, 30,000 workers were fired, 150 schools closed, and a million Puerto Ricans fled the island.

After studying the PCCAC report, El Nuevo Dia concluded that “half of Puerto Rico’s debt may be unconstitutional.”


And now the time has come, for international law to step in.

Over a dozen nations have invalidated billions of dollars of “odious debt,” which international law recognizes as illegal and not to be paid.

Puerto Rico must undertake this same procedure.

An international tribunal must review the “odious debt” of Puerto Rico…

Instead of a Financial Control Board from Washington D.C. that is stacked with GOP appointees, led by lobbyists, controlled by hedge funds, all protecting the profits and Ponzi schemes of Wall Street.

For a history of the War Against All Puerto Ricans, read the book…

War Against All Puerto Ricans: Revolution and Terror in America’s ColonyBuy it Now

Si prefiere ver la página web en español por favor visite:

11 Comments on “The Puerto Rico debt is ILLEGAL

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  4. Sorry do not agree. Unless the banks out right lied in the contracts they should be legal. But if they are going to declare the loans illegal then the state officials and politicians should be first in line to go to jail, I bet there were sweet deals for them to ignore the laws. The people of got the slime of a government they voted for. Live the dream.


  5. If the debt was Illegal than puerto rico politicians and fiance ministers should be first in line tor approving them. Then go for the banks. I willing to bet there ware sweet deals for those involved. Puerto Rica’s people got the government they asked for. Don’t feel sorry for them at all


  6. Not one cent is legal. An odious debt is that scheme imposed by military force. That defines Puerto Rico.


  7. All Puerto Ricans must educate themselves on all aspects of this debt, on the island, in the United States and all the Puerto Ricans all over the world. The people MUST unite and fight against this matter. Puerto Rico must be re-built to its former glory. As Puerto Ricans we must demand to be heard and get rid of the corrupted politicians who continue to rape the island. Right now there are two of our most distinguished defenders rolling in their graves. Lolita Lebron and Dr. Pedro Albizu Campos. If you read about them you will plainly see that they warned against this corruption. The abuse of power of the politicians on the island has left it drained.

    Liked by 1 person

  8. Absolutely necessary: the new finding of an illegal debt on Puerto Rico must be Applied immediately in order to obliterate this ridiculous debt.

    Liked by 2 people

  9. This was nothing but a Ponzi scheme. People from the hedge fund vultures should go to jail, and every PPD and PNPshould go to jail. And I also recommend total irradiation, and don’t tell the people until 60 years later.


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