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Mnpaul

(3,655 posts)
2. austerity cuts
Mon Jun 6, 2016, 06:42 AM
Jun 2016

brought to you by friends of Hillary

In the midst of this massive human suffering, it is morally repugnant that billionaire hedge fund managers on Wall Street are demanding that Puerto Rico fire teachers, close schools, cut pensions, and abolish the minimum wage so that they can reap huge profits off the suffering and misery of the children and the people of Puerto Rico. We cannot allow that to happen. You cannot get blood out of a stone.

We have got to understand that Puerto Rico’s $70 billion in debt is unsustainable.

And the reason it is unsustainable has everything to do with the greed of Wall Street vulture funds.

These vulture funds are getting interest rates of 34 percent on tax-exempt bonds that they purchased for 29 cents on the dollar. It has been estimated that as much as half of Puerto Rico’s debt is owned by these vulture funds.

We have got to make it clear to these billionaire hedge fund managers that they cannot have it all. They cannot receive a 100 percent return on their investment while children in Puerto Rico go hungry.
https://berniesanders.com/prepared-remarks-puerto-rico/

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