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.