Hedge funds tell Puerto Rico: lay off teachers and close schools to pay us back

[marmar]

from the Guardian UK:



Billionaire hedge fund managers have called on Puerto Rico to lay off teachers and close schools so that the island can pay them back the billions it owes.

The hedge funds called for Puerto Rico to avoid financial default – and repay its debts – by collecting more taxes, selling $4bn worth of public buildings and drastically cutting public spending, particularly on education.

The group of 34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis after the island’s governor declared its $72bn debt “unpayable” – paving the way for bankruptcy.

The funds are “distressed debt” specialists, also known as vulture funds, and several have also sought to make money out of crises in Greece and Argentina, the collapse of Lehman Brothers and the near collapse of Co-op Bank in the UK.

The report, entitled For Puerto Rico, There is a Better Way, said Puerto Rico could save itself from default if it improves tax collection and drastically cuts back on public spending. ......................(more)

http://www.theguardian.com/world/2015/jul/28/hedge-funds-puerto-rico-close-schools-fire-teachers-pay-us-back

[hobbit709]

1. The good doctor's invention will cure those vultures.

[PatrickforO]

7. Your photos are all the more chilling because if things keep on as they are, they will be the

reality.

[daleanime]

2. "Vulture funds".....

how apropos.

[KamaAina]

3. So "Puerto Rico" is Spanish for "Greece"?

Who knew?

[KamaAina]

4. This is a strong argument for Puerto Rican statehood

You didn't see the vultures circling Kolly-four-knee-ya when Ahh-nuld ran it into debt, did you?

[Turbineguy]

5. They would have demanded

Puerto Ricans sell their organs. Cuz that's how they roll.

[PatrickforO]

6. There you go! Capitalism at its VERY BEST!

We need our MONEY, and our profits are MUCH more important than your children!

You bet...but hey, our SHARES are up 3 points! Time for another BONUS!

[LuvNewcastle]

8. I read a while back that Puerto Rico

is losing more and more of its population every year. I'm wondering if the banks will run off everyone else and build some sort of libertarian paradise there. They likely have some kind of ugly plan for the territory.

[PatrickforO]

9. 'There is a better way Puerto Rico could save itself from default...

yeah.

Revolution.