Puerto Rico’s Debt Crisis: Who’s To Blame And What Can Be Done? - 27:59
Puerto Rico’s Debt Crisis: Who’s To Blame And What Can Be Done?
with
. David Galarza, co-founder of SiemPReste, an
organization committed
to working in the diaspora around the
political/civil/economic crisis of Puerto Rico
. Michael Kink, Exec.
Dir., Strong Economy for All Coalition
and Member Hedge
Clippers
Puerto Rico, an unincorporated
territory of the United States with 3.5 million U.S. citizen residents who
do not have the right to vote for President or representation in Congress-is
making headlines these days because of its inability to pay a $72 billion
debt owed to holders of its devalued bonds. While there have been
comparisons between Greece and Puerto Rico the reality is that they are
totally distinct situations. Greece has sovereignty, Puerto Rico does not.
Puerto Rico is unable to declare bankruptcy, cannot devalue its currency and
cannot go to international financial institutions under
the present colonial
system. In fact one of the solutions offered in the United States to solve
the chaotic economic crisis is to place the entire island in receivership.
In other words to go back to an even more rigid colonial system so that the
bonds market can protect their investment. Building Bridges discusses how
Washington helped create Puerto Rico’s staggering debt crisis and its effect
on millions of what are effectively second-class U.S. citizens and what is
to be done!
play stream
download
Posts
