Citizens from various sectors gathered to protest at the U.S. District Court in San Juan. President Barack Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law a few hours ago, imposing the Federal Fiscal Board on the territory.
Puerto Rico, a territory of the United States, is currently in the grip of a humanitarian crisis.
The island’s faces a $72 billion debt, with no plan or legal intervention available to restructure. The Puerto Rican government continues to default on its payments to bondholders and is expected to miss a two billion dollar payment on July 1st. Governor Alejandro Garcia Padilla stated, “we just don’t have the money.” Today President Barack Obama signed into law the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). #PROMESA creates an oversight board that is set to supervise and override the local government on the issues of economy and labor. This is expected to bring strong austerity measures to a population who is already struggling to make ends meet.
This is @erikaprodriguez taking over @opensocietyfoundations this week, exploring the impact of Puerto Rico’s #debtcrisis
#opensociety #debtcrisis #promesa #juntadecontrofiscal #humanrights #bigbanks #puertorico #usterritory #boricua #100×35 #commonwealth #austerity #TheOldestColony
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