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Thursday, September 17, 2015

Sharks Are Circling For Their Share Of Puerto Rico's Assets

Orlando Sentinel

Nelson A. Denis 

On Sept. 8, the governor of Puerto Rico unveiled a new economic plan
and demanded that creditors "share the burdens of the sacrifices." Un-
fortunately, the actual document — the Fiscal and Economic Growth
Plan — is low on shared sacrifice and high on creditor profit, and it is
geared toward a sell-off of the island's entire infrastructure.

In addition to a slew of austerity measures, the FEGP will establish a
five-person Financial Control Board whose members are nominated by
"interested parties," including Puerto Rico's hedge-fund creditors and
the U.S. federal government. This board will have "extensive subpoena
powers" and oversight authority over the entire government of Puerto

The core FEGP proposal is the sale of Commonwealth real-estate assets,
and the establishment of "P3s" throughout the island: public-private part-
nerships that turn public infrastructure into private, revenue-generating
concessions...[CONTINUE READING]

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