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Learn more about the crisis in Puerto Rico.

Wall Street’s Power Grab in Puerto Rico

May 25, 2017

ReFund America Project: When Puerto Rico’s new Governor Ricardo Rossello took office in January 2017, he faced an island in crisis. One aspect of that crisis is the $9 billion in debt owed by Puerto Rico’s ElectricPower Authority, or PREPA. In late 2015, PREPA had agreed to a debt restructuring agreement(RSA) that was overly generous to its creditors at the expense of Puerto Rico’s residents.

Hedge Papers No. 26: Puerto Rico: Pain and Profit

March 21, 2017

From Hedgeclippers.org: (Updated) After years of crisis and austerity that have resulted in a poverty rate of 45 percent, it’s hard to imagine that conditions could get much worse for the people of Puerto Rico. But if the island’s bondholders have their way, that’s exactly what’s going to happen. Puerto Rico is facing a new round of draconian budget cuts that promise to intensify the hardships that the population is already facing. The measures are being demanded by the island’s Fiscal Control Board (FCB) that was empaneled in August 2016 and given near dictatorial power to restructure the Puerto Rican economy and budget. In particular, the panel has retirement funds, health care, education, and labor in its crosshairs.

Pirates of the Caribbean: How Santander's Revolving Door with Puerto Rico's Bank Exacerbated a Fiscal Catastrophe for the Puerto Rican People

December 13, 2016

From Hedgeclippers.org: Former Santander executives José Ramon Gonzalez and Carlos M. Garcia served as heads of Puerto Rico’s Government Development Bank (GDB) and Santander in Puerto Rico.  Garcia and Gonzalez were recently appointed to 2 of the seven seats of the PROMESA Fiscal Control Board.  Together, these men built Santander Securities, the bank’s municipal bond business, which established itself as a leading bond underwriter coinciding with the growth in Puerto Rican public debt.  

Scooping and Tossing Puerto Rico's Future

August 31, 2016

From authors Saqib Bhatti and Carrie Sloan, ReFund America Project: Puerto Rico is embroiled in a dire humanitarian crisis that is being compounded by its unsustainable debt load. Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in June, which will create a Fiscal Control Board to oversee the Commonwealth’s Finances. But in order for it to do its job fairly, the Control Board must understand how Puerto Rico came to be so deeply indebted in the first place. 

May 14, 2016

UCLA's Cesar Ayala's powerpoint on the history of Puerto Rico's crisis and the impacts on workers.

Hedge Papers No. 17: Hedge Fund Vultures in Puerto Rico

July 10, 2015

From Hedgeclippers.org: Hedge funds and billionaire hedge fund managers have swooped into Puerto Rico during a fast-moving economic crisis to prey on the vulnerable island. Several groups of hedge funds and billionaire hedge fund managers have bought up large chunks of Puerto Rican debt at discounts, pushed the island to borrow more, and are driving towards devastating austerity measures. At the same time, they are also using the island as a tax haven.

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