Home > Uncategorized > Instead of Promised Debt Relief, Trump Pushes More Loans on Devastated Puerto Rico

Instead of Promised Debt Relief, Trump Pushes More Loans on Devastated Puerto Rico

It isn’t too hard to see how the notion of shareholder primacy is driving the need to collect on the debts owed by Puerto Rico. The same rules apply when a city goes bankrupt: the bondholders get paid before the retirees and before the infrastructure needs created by the indebtedness can be addressed. The result? Those who can afford to– the affluent and the educated— flee the cities. The same thing has been happening in Puerto Rico and will happen even more in the weeks, months, and years to come. If corruption and mismanagement contributed to the debt, go after those who collected public funds illicitly and replace those workers who are incompetent (and probably placed in office as paybacks) with some sound public leaders… but don’t penalize those victimized by a natural disaster!

Source: Instead of Promised Debt Relief, Trump Pushes More Loans on Devastated Puerto Rico

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