[News] 'Stop Vulture Funds': Puerto Rico Students Protest Austerity
Anti-Imperialist News
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Fri May 5 12:30:36 EDT 2017
http://www.telesurtv.net/english/news/Stop-Vulture-Funds-Puerto-Rico-Students-Protest-Austerity-20170504-0040.html
'Stop Vulture Funds': Puerto Rico Students Protest Austerity
May 5, 2016
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Students from the University of Puerto Rico are organizing a national
demonstration on Friday to protest widespread austerity measures and an
increase in police violence against those who oppose such measures.
Student organizers describe the demonstration as being against the
persecution and criminalization of student struggles for affordable
education. However, a much broader debate will be held about widespread
austerity measures aimed at alleviating the Caribbean island's debt crisis.
While Puerto Rico's revenues declined over the years, the U.S.
protectorate borrowed money by issuing municipal bonds to keep the
government running. In 2015, Puerto Rico's governor, Alejandro Javier
García Padilla, announced that the island's nearly US$73 billion debt
was “unpayable.”
On Wednesday, Puerto Rico announced that it would restructure its public
debt. The island's bankruptcy claim could reach a historic US$3.8
trillion in the municipal bond market. It wasn't clear just how much of
the nation's US$70 billion debt would be included in the bankruptcy filing.
The move comes a day after several U.S. creditors, as well as hedge
funds dubbed “vulture funds," sued Puerto Rico for defaulting on bonds.
Protesters have taken aim at the island's Fiscal Control Board, which
was established by the U.S. Congress' PROMESA bill to oversee government
expenditures. The unelected board, having assumed power in January, is
pushing for grave austerity measures. One of the measures include a
US$512 million cut in university funding by 2025.
According to reports by the Debt Audit Commission and Saqib Bhatti and
Carrie Sloan of the ReFund America Project, roughly US$36.9 billion of
Puerto Rico's debt was deemed illegal. The amount owed to creditors
either involved “extra-constitutional” debt saddled with predatory
interest rates or “toxic” interest-rate swaps.
Bernard Tort, a University of Puerto Rico professor who was attacked
with pepper spray by riot police during a recent protest, said that he
lost his sight for 40 minutes. Along with a majority of students and
professors, Tort supports an independent audit of the debt.
“The audit would reveal 1) how much of the debt is illegal, 2) who is
responsible for putting together the illegal bonds that were sold, and
3) who was involved in the underwriting,” he said.
The national demonstration is scheduled for 1:00 pm in front of the
University of Puerto Rico gates at Utuado.
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