The Puerto Rican flood

OCTOBER 30, 2017 | by Raymond Ramirez | UNIVERSITY OF NOTRE DAME OBSERVER

By Raymond Ramirez, includes “The destruction brought to Puerto Rico by Hurricane Maria just a few weeks ago was intensified by more than a century of efforts by Washington and Wall Street to exploit the island. … Before long, with the help of Wall Street, Puerto Rico launched more exotic debt instruments, such as bonds tied to Puerto Rico’s new sales tax. The bonds were issued as Capital Appreciation Bonds — the 'buy now, pay later' favorite of municipal finance—and allowed Puerto Rico to borrow beyond limits outlined it its constitution.”

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