Saturday, 1 August 2015

Puerto Rico The New Greece

Orange is the new black, Pluto is the new Mars and Puerto Rica is the new Greece as it defaults on its debt repayments.
The island paid just $628,000 toward a $58m debt due to creditors which total $72bn and wheeled out a a poor minion to explain that: 'This was a decision that reflects the serious concerns about the Commonwealth’s liquidity in combination with the balance of obligations to our creditors and the equally important obligations to the people of Puerto Rico' which echoes the Greek argument that they can either pay their own people or their creditors but not both.
The Governor, Alejandro Garcia Padilla, explained last month that Puerto Rico was in a 'death spiral' and it just could not pay back what it owes.
Just as in Greece, the creditors are calling on Puerto Rico to cut spending on education and in other areas in order to meet their obligations and the island has already closed down almost 100 schools so far this year.  
As Greece ended up being totally screwed over the by people it owed money to, forcing privatisation and raising tax rates in return for another loan to cover the last one, Puerto Rico's population can expect the same amount of compassion as it's testicles are metaphorically placed in the vice of Capitalism and the handle slowly turned.

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