, 12 tweets, 10 min read Read on Twitter
While @realdonaldTrump pursues his xenophobic agenda against the people of #PuertoRico and #USSenate fails to support the people in the island, others are starting to understand the economic and social roots of Puerto Rico's crisis. Here is a bit of context. #cancelthedebt 1/
2/Puerto Rico is a colony. Since 1898, our economy’s been used to cater to US needs. In 120 yrs, US changed our currency, our farming, our industry, and our tax and finance laws. This led to an economic decline that sent #PuertoRico down rabbit hole of $72B+ debt. #cancelthedebt
3/Then came the vultures. Like in Argentina & Greece, vulture funds scooped up cheap debt and forced payment through austerity policies and Wall St-friendly courts. This led to massive layoffs, privatization of schools, & >12% of people leaving the island.
4/New laws allow investors to pay virtually no taxes. Call it a gentrification of an island. #cancelthedebt
5/The solution from Congress? A new law establishing a Fiscal Oversight Board #FOMB, plagued with conflicts of interest & in charge of “balancing the budget”. Not surprisingly, the board has sided with bondholders and pushed for +cuts to service the debt.
6/Then came the hurricane. 3000+ dead. A failing infrastructure crumbled, no electricity or water for months. Bad response on local & federal level. (Conservative) Estimate $90B in damages. Island hasn’t received meaningful recovery $$$ recovery from fed govt. Only 🧻 🧻🧻...
7/But all is not lost. Orgs have rallied & demanded #cancelthedebt for debt that from the start has been questioned as illegal. After 2+ years, #FOMB agrees and argues for cancelling $6B of illegal debt. But we need more.
8/Yesterday, this: Activists stood @ Boston Federal Court to demand #cancelthedebt, no pension funds of #PuertoRico retirees should pay debt; @AyannaPressley and @SenWarren sent support;
9/& @NydiaVelazquez sent letter to #FOMB demanding they go after banks that created, financed and profit from illegal debt. #cancelthedebt
10/TODAY, this: @Yale activists occupy investment office to demand that school divest from hedge funds that hurt the environment & #PuertoRico.
11/In #PuertoRico groups are coming together @otroacuerdo to mobilize for a restructuring that puts the people of #PuertoRico first. #cancelthedebt
12/Lesson: Don't let @realdonaldTrump fool you. The people of #PuertoRico are standing up, and fighting for #justrecovery #cancelthedebt. Join us! @VAMOS4PR, @diasporaresiste @gohgedgeclippers @CPDACTION @otroacuerdo @nychange 🇵🇷🇵🇷🇵🇷🇵🇷
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