SIGN THE PETITION

Would you pay a bill without knowing what it's for?

 

Neither should the Puerto Rican people.

Sign the petition for a full audit of Puerto Rico's debt.

The debt crisis in Puerto Rico continues to hurt the lives of the 3.5 million people living on the island, as critical education, health care and other public services are cut to the bone.

 

A preliminary report issued in June 2016 found that almost half of Puerto Rico’s $73 billion public debt may have been acquired in violation of the Commonwealth’s constitution and laws.

 

The commission that produced the report, the Independent Debt Audit Commission, was established by the Puerto Rican legislature in 2015 to audit all public debt acquired since 1972. But funding for the commission to carry out its daunting work has been far from adequate; to date, it has received less than 20% of the funding needed. Who knows what else the Commission will find if it can carry out its work with proper resources, thoroughness and speed?

 

Debt holders are using all the tools at their disposal to get paid. The Puerto Rican people need the Commission to work to defend their rights.

 

We demand that Puerto Rico’s Governor, Treasury Secretary and other public officials allocate and disburse the necessary funds and resources to the Independent Commission to Audit the Public Debt of Puerto Rico, so that it may be able to carry out its work with thoroughness and speed.

Sign the petition today!

Why an audit?

Puerto Ricans deserve to know what they’re being asked to pay for. We need a full audit of Puerto Rico’s public debt NOW!

In the past few years, Puerto Rico’s public debt crisis has caused a great deal of pain to the 3.5 million people living on the island, as public services have been cut to the bone, and critical education, health care and infrastructure resources have been decimated.

 

Puerto Rico’s Law 97, approved in 2015, created a Commission for the Comprehensive Audit of Puerto Rico’s Public Debt, whose task is to perform a complete audit of all public debts Puerto Rico has acquired since 1972. The Commission includes participation from stakeholders from throughout Puerto Rican society, including elected officials, academics, and representatives from the private sector and labor unions. VAMOS4PR has supported the work of the audit commission as crucial to dealing with a fair debt restructure.

 

But funding to carry out the Commission’s extensive, daunting work has fallen far short of what is needed. To date, government entities have provided about $700,000 for a job that is estimated to cost about $5 million.

 

An initial survey report issued by the Commission in June 2016 indicated that as much as $30 billion in General Obligation bonds the Commonwealth issued in 2014 may have violated Puerto Rico’s constitution and its laws. This and other preliminary findings could significantly affect the conditions for debt restructuring and repayment, as a portion of the debt could be declared illegal and unpayable.

 

We demand that Puerto Rico’s Governor, Treasury Secretary and other public officials allocate and disburse the necessary funds and resources to the Independent Commission to Audit the Public Debt of Puerto Rico, so that it may be able to carry out its work with thoroughness and speed.

 

Unless the Commission is allowed to complete its work, the Puerto Rican people may be asked to needlessly sacrifice their well-being and their future to enrich vulture funds and other debtholders.


Audit now!