Puerto Ricans Dipped into all the money streams and lined their own pockets rather than run the country, run the power system. No it was all “Latino Greed” at an unprecedented level, which is totally THE NORM for HISPANICS.
Puerto Rico FAILED because they had FAILED GENETICS.
ONLY Europanics can run civil society and even among Europanics there is gross corruption and theft, it is NOTHING compared to the level that HISPANICS commit.
So its totally predictable that Puerto Rico government all gave themselves big handouts and retirement packages plunging the nation into 70 BILLION IN DEBT. Congress had to pass a law to allow them a form of bankruptcy.
EVEN THE Power Company did the same thing. There were large cash streams so they just fucking stole all of it.
No one will ever invest in Puerto Rico now. They are baked beans. And it’s all their fault.
The US is already paying almost A BILLION DOLLARS A YEAR to stave off Puerto Rican Debt holders. It established the Promesa oversight board to help puerto poor-o to restructure its debt.
Unfortunately, the government and the oversight board have not attempted to work with debt-holders in good faith. Instead, they’ve put forward a plan that ignores PROMESA’s requirement of respect for lawful priorities by advantaging certain interests over the general obligation debt that is guaranteed by the island’s constitution. The plan also only provides $800 million in debt service per year while keeping nearly 94 percent of revenue for other expenditures. There is virtually no fiscal reform — in fact, the budget plan calls for significant increases in payroll and operational expenses over the next decade — and no significant changes to the island’s pension system with its whopping $48 billion debt.
Consider this: Puerto Rico has a population of only 3.4 million but their elected government has run up a debt of over $70 billion and pension obligations of $50 billion. That’s more than $35,294 per resident and over 100 percent of GDP. Puerto Rico has already defaultedon a $58 million bond payment in 2016, due to its already-high taxes and unwillingness to cut government spending. It fell into crushing debt despite the $21 billion annually the island receives in aid from the United States, much of it spent on welfare programs such as Head Start, public housing, and food stamps. That’s over $6,000 per capita in federal welfare that the islanders consume. And due to the special status of the island, Puerto Ricans do not even pay federal income tax.
Borrowing and US handouts sustained the welfare habits of the people, but Puerto Rico left its infrastructure embarrassingly outdated. According to the Los Angeles Times, Puerto Rico’s electrical grid is so starved of physical and human capital that it suffers from power outages four-to-five times the average—even in good weather. Puerto Rico also failed to invest in infrastructure to protect against flooding. The island has few floodwalls and dangerously weak dams—a dam on the island cracked following the hurricane, forcing the evacuation of more than 70,000 people.
Read the following…..
- The Truckers wont deliver supplies
Report: Puerto Rico Teamsters Union, “Frente Amplio”, Refuse to Deliver Supplies – Use Hurricane Maria as Contract Leverage…
Puerto Rican born and raised, Colonel Michael A. Valle (”Torch”), Commander, 101st Air and Space Operations Group, and Director of the Joint Air Component Coordination Element, 1st Air Force, responsible for Hurricane Maria relief efforts, has the following comment:
…They have the generators, water, food, medicine, and fuel on the ground, yet the supplies are not moving across the island as quickly as they’re needed.
“It’s a lack of drivers for the transport trucks, the 18 wheelers. Supplies we have. Trucks we have. There are ships full of supplies, backed up in the ports, waiting to have a vehicle to unload into. However, only 20% of the truck drivers show up to work. These are private citizens in Puerto Rico, paid by companies that are contracted by the government”.. (link)
The ports are so full of relief supplies they can’t fit any more on the available space.
2. The Power Grid Collapsed Because the Power Company Went Bankrupt and Didn’t Do Maintenance on power lines
Why did this happen? Because the Puerto Ricans didn’t pay their power bills, and the huge handouts that they got from the USA to rebuild infrastructure, the fat pigs stuck in their own pockets
Puerto Rico is WHAT AMERICA will be like if the Democrats win – A communist Gibs Me DAT Bankrupt Hellfare Wellfare shit hole
Puerto Rico’s troubled power company defaulted on a deal to restructure roughly $9 billion in bond debt and sought court protection from its creditors, the government said on Sunday.
The government said the move to, in effect, file for bankruptcy was the only way to reduce the existing debt of the Puerto Rico Electric Power Authority“to a sustainable level.” The utility, known as Prepa, had previously negotiated an out-of-court deal to reduce its bond payments by about 15 percent. The bondholders now seem likely to sustain larger losses under court supervision.
Puerto Rico’s Fiscal Agency and Financial Advisory Authority, which announced the move, said it did not expect any disruption of service to Prepa’s residential or commercial customers on the island.
Bondholders had hoped that Prepa’s debt could be reduced consensually, as planned. Some questioned the legality of moving into federal court to redo the deal.
Bill Fallon, the chief executive of National Public Finance Guarantee Corporation, a bond insurer, called the move “improper” and warned that it “would leave Prepa years away from attracting the private investment necessary to modernize.”