Puerto Rico now … officially, out in the open .. belongs to the USA!! “The Governor of Puerto Rico has officially turned over his administrative and fiscal powers to a five-member Financial Control Board.”
The Governor of Puerto Rico has officially turned over his administrative and fiscal powers to a five-member Financial Control Board.
According to the New York Times, this Financial Control Board “will have oversight over nearly all branches of the island’s central government.”
The Financial Control Board (FCB) will include representatives of the hedge funds that own Puerto Rico’s $73 billion public debt.
The FCB will also have authority over the treasury of Puerto Rico, the Government Development Bank, and most public corporations.
The “public corporations” under the FCB’s authority will include the education and prison systems; public housing; public transportation systems; highways, bridges, airports and seaports; public real estate; and energy projects throughout the island.
Gov. García Padilla explains the fine points of making himself impotent
As prescribed in Gov. Garcia Padilla’s own “Fiscal and Economic Growth Plan,” the FCB will have authority over “most government entities: including…
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