Hedge Funds tell Puerto Rico: Lay off teachers and close schools to pay us back

[TygrBright]

From The Guardian[/link]

Hedge fund weasels. IS there a lower life form?

The group of 34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis after the island’s governor declared its $72bn debt “unpayable” – paving the way for bankruptcy.

The funds are “distressed debt” specialists, also known as vulture funds, and several have also sought to make money out of crises in Greece and Argentina, the collapse of Lehman Brothers and the near collapse of Co-op Bank in the UK.

The report, entitled For Puerto Rico, There is a Better Way, said Puerto Rico could save itself from default if it improves tax collection and drastically cuts back on public spending.

It accused the island, where 56% of children live in poverty, of spending too much on education even though the government has already closed down almost 100 schools so far this year.

The Guardian eviscerates them nicely, though, and the comments are WELL worth a read...

disgustedly,
Bright

[msongs]

1. how dare the guardian to criticize the financiers who run the democratic and republican parties nt

[TygrBright]

2. Yeah, totally unfair using political influence in a place where they don't actually have it! n/t