“ODIOUS DEBT” … here’s hoping!!
“In international law, an “odious debt” is an illegal debt that hurts an entire nation…and therefore does not have to be repaid.”
In international law, an “odious debt” is an illegal debt that hurts an entire nation…and therefore does not have to be repaid.
Many legal scholars have written that Puerto Rico’s $72 billion debt is “illegal and odious” and therefore should not be paid. But yesterday – on June 2, 2016 – this became more than a “legal theory,” when Gov. Garcia Padilla announced that much of Puerto Rico’s debt is “odious” and, quite possibly, will not be repaid.
In a wild and heated press conference, the Governor unveiled a 43-page audit report from the island’s Public Credit Comprehensive Audit Commission. (PCCAC)
The PCCAC report found that $4.4 billion of the current debt violated the debt limitations of Article VI, Section 2 of the Puerto Rico Constitution, and therefore qualifies as “odious debt.”
In addition, many other portions of the $72 billion debt may have:
- violated bond-duration time…
View original post 553 more words