…Who has to keep borrowing money from mommy and daddy USA- but as long as you feel ‘adult’.
FOX: SAN JUAN, PUERTO RICO (AP) – Puerto Rico entered a new financial era Friday following a historic default as it prepares for the implementation of a federal oversight board that will have control over the island’s dire finances and provide room to ease a crushing debt burden.
The government paid roughly half of $2 billion in due debt, but said it did not have the money to pay $779 million worth of general obligation bonds that are given top priority by the island’s constitution. Gov. Alejandro Garcia Padilla signed an executive order Thursday declaring a moratorium on a portion of that debt.
“Even if I had shut down the government, we wouldn’t have had enough money to make the payment,” Garcia said at a news conference Friday.
A bill to help the island restructure its debt, signed Thursday by President Barack Obama, means that “Puerto Rico will now govern itself like an adult country, responsibly, spending only what it can afford,” the governor said. “Today, the island starts belonging to us again, and not to Wall Street.” more
The Governor spewed, “Puerto Rico will now govern itself like an adult country, responsibly, spending only what it can afford”
Well actually no. PR will now be run by a Federal Oversight Board in DC. It has seeping powers like
3.The board would control the entire budget and laws of the country.
4. It could render ineffective, at any moment, any laws already approved.
5. It could sell assets (goods, properties, buildings, and public corporations, among others).
6. It would decide which laws would pass and which wouldn’t, using criteria based on financial impact, even if it means a deterioration of the lives, health, and social resources of the people.
7. It would have the power to freeze job vacancies as well as to reduce and fire personnel. The board rejects laws and measures related to overtime pay.
8. It would submit those aged 20-25 to economic exploitation by imposing a minimum wage of $4.25 per hour.
Of course the kicker is it’s going to be run by the same government that has bailed out huge financial institutions here to the tune of trillions. If you think for a second that this government is going to let these institutions lose billions in defaults on their bonds and loads, you haven’t been paying attention. And since the board is chosen by the Federal government in DC and of the 7 members, only 1 is required to even reside in PR, take a guess who’s on the bullseye(it’s not the banks)
It’s their own fault electing pols promising the moon and then running up billions in debt. Now they’ve given over what little control they had and are on the hook to a very nasty bunch.
I learned this, “since the board is chosen by the Federal government in DC…” isn’t quite true.
The board will be picked from a list submitted to Obama/Jarrett. What could go wrong with that?
Oh, so it’s Wall Street again. Those bastards!
This is crony socialism.
Wall Street already got its money when they created the debt and sold it as “sure thing, can’t lose” (gen obligation bonds) to the bag holders. They Wall Street got its money again when the hedge funds bought up the bonds that would be honored for pennies on a dollar and got their wholly owned politicians to back them with more taxpayer stolen wages.
Wall Street will get its money again because they own the board that will oversee Puerto Rico and can more easily create debt when they need to boost their yearly bonuses.
Thank Paul Ryan and Mitch McConnell!
Fucked the American people once again, didn’t you?
Obola and those shitty greaseballs from Puerto Rico didn’t do this on their own!
izlamo delenda est …
Lefties always blame Wall Street and the banks.
That is the squirrel they send out to deflect from the true problem.
Government corruption.
As the officials that brought this about are not being shackled and tossed in cells, this problem will not be resolved.