Ricky Se Fue—Y Ahora Qué? A Mobilized Puerto Rico Battles Increased Federal Control
“Will we see rage turn into real action?” asks Eric LeCompte, executive director of Jubilee USA, a network of community and faith-based organizations that work on debt, tax, and trade issues. “For Puerto Rico to have a real future, there needs to be a process where questions around its colonial status need to be resolved. Whether it’s a hurricane, or debt crisis—because of their colonial political status, they don’t have the tools to resolve problems they face by themselves.”
When PROMESA was created in 2016, the Obama administration agreed to appoint three Democrats and four Republicans to the board. In the fall, the Trump administration will decide whether to appoint new members to the federal oversight board or keep the existing group. According to LeCompte, creditors at vulture funds see the prospect of new appointments as an opening for extracting more funds from the beleaguered island.
“Creditors are doing everything they can to destroy the bankruptcy process,” says LeCompte.
Read more here.
Ricky Se Fue—Y Ahora Qué? A Mobilized Puerto Rico Battles Increased Federal Control
“Will we see rage turn into real action?” asks Eric LeCompte, executive director of Jubilee USA, a network of community and faith-based organizations that work on debt, tax, and trade issues. “For Puerto Rico to have a real future, there needs to be a process where questions around its colonial status need to be resolved. Whether it’s a hurricane, or debt crisis—because of their colonial political status, they don’t have the tools to resolve problems they face by themselves.”
When PROMESA was created in 2016, the Obama administration agreed to appoint three Democrats and four Republicans to the board. In the fall, the Trump administration will decide whether to appoint new members to the federal oversight board or keep the existing group. According to LeCompte, creditors at vulture funds see the prospect of new appointments as an opening for extracting more funds from the beleaguered island.
“Creditors are doing everything they can to destroy the bankruptcy process,” says LeCompte.
Read more here.