For nearly a year Republicans, hedge funds, and Wall Street lobbyists called for a Financial Control Board (FCB) to “fix” Puerto Rico’s economy.
Now the US media are slowly admitting that the FCB will not really fix anything, other than ensure that bondholders and hedge funds will receive their expected earnings.
The Financial Control Board arrives in Puerto Rico
This “shocking” admission was issued by Reuters this week, under the headline Puerto Rico Fix Unlikely to Resemble Detroit’s.
Plainly and boldly, the article states that:
- the seven members chosen for the FCB are “short on expertise in economic development”
- the Puerto Rican economy requires fundamental changes, but it is “unclear whether the board can facilitate such change”
- the seven chosen members are “technocrats” who will treat the entire process as a “corporate re-structuring,” and will not “politicize” the process with concerns about pensions, job losses, or minimum wage…
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