For nearly a year Republicans, hedge funds, and Wall Street lobbyists called for a Financial Control Board (FCB) to “fix” Puerto Rico’s economy.
Now the US media are slowly admitting that the FCB will not really fix anything, other than ensure that bondholders and hedge funds will receive their expected earnings.
The Financial Control Board arrives in Puerto Rico
This “shocking” admission was issued by Reuters this week, under the headline Puerto Rico Fix Unlikely to Resemble Detroit’s.
Plainly and boldly, the article states that:
The article also noted that Detroit’s control board “treated city pensions much better than its outstanding bonds,” which is unlikely to happen in Puerto Rico.
Finally, Detroit received a $137 million emergency loan package along with its Board.
But Puerto Rico is receiving nothing…and it must pay $370 million to “cover the Board’s expenses.”
THE OUTLOOK FOR PUERTO RICO
Over the next few months, the FCB will begin its ghoulish task: to cut jobs, eliminate pensions, lower the minimum wage, close more schools and hospitals, and force a series of “public-private partnerships” throughout the island.
These brutal measures will generate an “acceptable” level of profit, for the vulture funds that now control Puerto Rico’s debt.
They will turn the entire island, into a giant ATM for Wall Street.
But they will create no structural improvement in Puerto Rico’s economy.
They will not “fix” anything.
The Reuters article already admitted it.
For a history of the War Against All Puerto Ricans, read the book…
Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com