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bemildred

(90,061 posts)
Sun Oct 25, 2015, 07:35 AM Oct 2015

Puerto Rico considers simple solution to debt crisis: Don’t pay

While Puerto Rican leaders look for ways to address the island’s $72 billion debt, some say the solution may be simple: Don’t pay it.

A small group of Puerto Rican lawmakers is pushing the idea that significant portions of Puerto Rico’s debt may in fact be unconstitutional.

Manuel Natal, one of the legislators behind the effort, claims that up to 75 percent of what the island owes could be voided in court.

“If debt was issued in violation of the constitution that debt is illegal and subsequently should not be paid,” said Natal. “It should be put aside, because in legal terms, it’s like it never happened.”

http://america.aljazeera.com/watch/shows/fault-lines/articles/2015/10/24/puerto-rico-considers-simple-solution-to-debt-crisis-dont-pay.html

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Puerto Rico considers simple solution to debt crisis: Don’t pay (Original Post) bemildred Oct 2015 OP
I hear the sound TexasTowelie Oct 2015 #1
Vulture funds Turbineguy Oct 2015 #2
Vulture funds already own a lot of this debt. bemildred Oct 2015 #3
Good for them. LuvNewcastle Oct 2015 #4

bemildred

(90,061 posts)
3. Vulture funds already own a lot of this debt.
Sun Oct 25, 2015, 08:46 AM
Oct 2015

The problem for them is that the Puerto Rican Constitution says it cannot pay what the funds have been getting already. So somebody finally noticed the problem. The vulture funds may have to give the money back. That would be so appropriate.

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