Puerto Rico: We Can’t Pay the Bankers


EDITOR’S NOTE: Mostly mixed-race Puerto Rico, and other lands of low productivity, feel the crunch first — but eventually all of us will reach the point where the banks are “owed” more than the people and the land can produce. Debt slavery through fractional reserve banking is a Jewish fraud which is enveloping — and enslaving — almost the entire world.

* * *

PUERTO RICO is set to release a key report by former International Monetary Fund economists on its financial stability Monday, officials said Sunday, which could point toward a fix for the island but has the potential to rattle bond prices if its predictions are pessimistic.

Gov. Alejandro Garcia Padilla (pictured) told The New York Times that the island would probably seek significant concessions from as many as all of its creditors because “the debt is not payable.”

“There is no other option,” he said. “I would love to have an easier option. This is not politics; this is math.”

Puerto Rico, struggling with a $73 billion debt load and faltering economy, is facing crunch time this week with a deadline to agree on a budget, as well as a July 1 deadline to make a $655 million payment on its general obligation debt, while its struggling utility PREPA faces a $400 million payment.

“We have to recognize we have a very serious problem with the fiscal situation of the island,” House speaker Jaime Perello told reporters Sunday.

Perello said he would be meeting with Gov. Alejandro Garcia Padilla on Sunday night and would ask him for a copy of the report. After presenting the report Monday, work groups should be established, he said.

Unlike mainland U.S. cities like Detroit and Stockton, California, Puerto Rico can’t declare bankruptcy because it’s a commonwealth, and default could create a legal and financial limbo that could take years to sort out, The Times reported.

Puerto Rico in February engaged a group of former IMF economists to analyze its economic and financial stability and growth prospects. A separate report was also commissioned by consulting firm Conway MacKenzie.

* * *

Source: NBC News

Previous post

Texas Attorney General Defiant Over Court’s Same-Sex Marriage Decision

Next post

US Army Col. Ann Wright Kidnapped by Israelis

Notify of
1 Comment
Inline Feedback
View all comments
Jimmy Smith
Jimmy Smith
30 June, 2015 8:38 am

When the Governments such as in Greece and Puerto Rico can’t pay their debts they don’t get any bailouts from the IMF, but when the Wall Street millionaires can’t pay their fraudulent contracts and executive’s salaries, they get bailed out by the tax payers of United States. It’s nice to see the one-sided relationship that exists between banks and governments. The Banks only take money, they don’t give any breaks to people.