Puerto Rico, Si. Promesa, No!
- New York 08/31/2016 by Linda Perry (WBAI News)
Carmelo Martinez and other Puerto Rican Community Members blame big banks like UBS for the crisis.
— There is anger against Promesa
and the Control Board set up by the U.S. Congress on the streets of New York City. Promesa is the Puerto Rico Oversight Management and Economic Stability Act. There is a conference going on in Puerto Rico to select the seven members of the Control Board. Activists say what’s important is to understand the cirumstances which led Puerto Rico to it’s current condition.
—They chant "Puerto Rico Si, UBS No!"
—The Commonwealth of Puerto Rico has been taking out debt to fill budget gaps, even though it’s prohibited by their constitution. As a result Puerto Rico has become a victim of predatory lending with loans refinanced to pay old debt, accruing higher interest rates and more debt.
—The Refund America Project estimates that firms like UBS, Citgroup, Goldman Sachs and Barclays Capital made $1.6 billion in these kinds of scoop and toss deals. And UBS got the largest portion of the fees. Through this Puerto Rico was just pushing its debt further down the road and accumulating more and more fees. That’s why Puerto Rican community members came out to protest in front of UBS, right near Radio City in Manhattan, while Promesa was meeting in Puerto Rico.
—Please click above to hear Hedgeclippers, New York Community for Change and members with A Call to Action on the situation.