Puerto Rico’s debt, our problem

posted by
May 25, 2016
Common Sense
by Paul Jacob  
Posted in Commentary

"Puerto Rico is $72 billion in the hole. Basically, Sanders wants to partially repudiate that debt: 'The billionaire hedge fund managers on Wall Street cannot get a 100 percent return on their bonds while workers, senior citizens and children are punished.' Of course our sympathies are almost entirely with the people of Puerto Rico. But it was their government that racked up the debt, and repudiating sovereign debt is a tricky and parlous thing." [editor's note: Nothing tricky about it at all. "The people of Puerto Rico" didn't sign any promissory notes. Some politicians did. Their tax victims have no obligation to bail them out - TLK] (05/25/16)


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