FOR IMMEDIATE RELEASE
Contact: Rachel Cohen
Puerto Rico Crisis Needs Urgent Solution Says the VAMOS4PR Network as Financial Oversight Board Names Carrion Chair
While Wall Street executives are focusing on how to pay off hedge funds, the people of Puerto Rico are suffering.
New York – VAMOS4PR today calls for a real solution to Puerto Rico’s massive debt crisis that focuses on the needs of the island’s 3.5 million residents and invests in their future.
The call comes as the Financial Oversight and Management Board for Puerto Rico met in New York officially for the first time today and announced Jose Carrion III as the chair of the board.
“Holding the first meeting in New York’s Wall Street instead of Puerto Rico misses an opportunity for the members of the board to witness the real impact of the debt crisis and why additional austerity measures to pay the debt will only make things worse,” said economist Hector Figueroa, President of 32BJ, which is a member of the VAMOS4PR network. “The board must recognize that the debt is not payable and should be reduced.”
“As we know from experience, further cuts and austerity are not going to help Puerto Rico move forward,” added Juan Cartagena, President of Latino Justice PRLDEF, another member of the VAMOS4PR network. “It’s only through investment in the island and its people that we can get the economy back on track.”
VAMOS4PR is calling for a reduction of Puerto Rico’s debt. The oversight board must call for increased revenue for Puerto Rico through, at a minimum, Medicaid reimbursement parity and extension of the Earned Income Tax Credit to Puerto Rico as well as fair taxes on corporations and investment in renewable energy.
The grossly underfunded Debt Audit Commission created in Puerto Rico has raised serious concerns about the legality and propriety of portions of the debt. This important analysis needs more support, and the oversight board must ensure the commission has the resources it needs to complete its work.
VAMOS4PR is a network of labor, community, cultural and human rights organizations and individuals who live and work in the US mainland and fight for a fair economy for all Puerto Ricans. For a full list of organizations visit our Facebook page: https://www.facebook.com/Vamos4PR2/