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As you take heed to Saqib Bhatti and سعر الدولار مباشر you live in Puerto Rico, your response to what’s happening on the ground? What are the banks, and what’s truly-how are they liable for this debt? And we solely found out about this, as a result of a whole bunch - tons of - of veterans from all over the nation began emailing me and calling me and saying, "Have you seen what’s occurring? We’ve seen mass closings of colleges. You recognize, there’s a health-there's extreme cuts to healthcare at the same time there’s a Zika outbreak. Postal Service, wished to help investigators decide which healthcare claims have been most prone to be fraudulent. We'd like to verify, if there’s a PROMESA management board, that they’re not cutting companies further. And so, my group, the ReFund America Project, we’re really going to be releasing a series of experiences over the subsequent couple of months that can look on the other ways through which Wall Street banks really focused Puerto Rico with predatory offers, and really calling on the PROMESA management board to be putting the interests of the folks of Puerto Rico first, to cancel the illegitimate debt in order that we are able to properly fund services. And banks swooped in-banks like Citigroup, Goldman Sachs-and stated, "Hey, here’s a deal," even though they knew that these offers could be really unhealthy and Puerto Rico would never be able to pay them in the long run.

In his wonderful new e book, Bad Money, political analyst Kevin Phillips explains how the Clinton and Bush administrations allowed and even aided the unregulated finance industry to create the giant bubble of largely worthless securities that is now bursting. JUAN GONZÁLEZ: But now, your report additionally indicates that these bonds are so nugatory that they are now being traded on the secondary market at 14 cents on the dollar, you know, 15 cents on the dollar, and that the-now hedge funds are shopping for them up, hoping that even if they get 50 cents on the dollar, they nonetheless make a killing, as a result of at the low fee that they bought them. SAQIB BHATTI: That’s exactly right, that what we’re having is-you realize, there’s a secondary market for bonds, just like there’s a secondary market for mortgages, where the lender that sells you your mortgage, they bundle it up right into a safety, they promote it off, and it will get treated.

And so, what happened over there was, since you had the situation where, you already know, Puerto Rico is a colonial financial system and not answerable for its own finances at the end of the day, there’s a lot stress that’s coming from the outside, as a result of those points couldn’t be resolved. On June twenty ninth, the federal government-owned Puerto Rico electric firm introduced its plan to boost by 28 percent the island’s electricity rates, that are already larger than any state however Hawaii. That’s an effective curiosity rate of 785 percent. And the best way these bonds work may be very very similar to a payday mortgage, where, because you’re not allowed to pay again the principal or the interest for many years, and over time the curiosity keeps compounding, you end up with these astronomical interest charges. And at the top of the 47 years, that $97 million becomes $1 billion that Puerto Rico has to pay again. Meanwhile, even before President Obama has named members of the new management board, we’re beginning to study simply how bondholders are being protected and the folks of Puerto Rico made to endure. So we are attempting to restructure the debt, and the bondholders haven't been able to provide us a superb deal in the restructuring of the debt.

The additional money will be earmarked to pay debt service on as much as $9.Three billion in new bonds the corporate, generally known as PREPA, plans to subject to change its outdated debt. As a part of the restructuring, the utility’s new directors will come largely from the U.S., and the brand new bonds will pay an astounding interest of 10 p.c. I consider about 40 percent of the kids reside in poverty. 10 % starting subsequent month. And so, a number of the buyers that at the moment are buying it, that are these vulture hedge funds which can be shopping for at dirt-low costs and attempting to make a huge profit, income as much as near-as much as 2,000 p.c, if you’re buying at 5 % and planning on trying to gather all 100. I imply, simply to place that into perspective, the idea is that there’s something that theoretically on its face is value $1, and I’m going to pay you 5 cents to purchase it up.

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