“PROMESA was passed with a proverbial gun to the country’s head, as a July 1 default deadline loomed on payment to the $72 billion debt, with more layers of creditors than top experts involved claim to have ever encountered.”
Despierta Boricua! More dark days ahead. The famous “financial board” includes officials involved in the issuance of predatory debt loans to hedge fund investors that want their money at any cost from the citizens of Puerto Rico. The island is now isolated and in danger that all public works will be for sale to settle the debt. Food is already controlled by U.S. interests, next in line: water and electricity. Telecommunications is already in the bag. Thousands of public employees and union contracts were terminated by Law 7, in expectation that Puerto Rico does not need a local government since orders will come from elsewhere and will not need the local citizen’s approval. Puerto Rico is now the ubercolony.