Puerto Rico Government

McKinsey-Designed Fiscal Plan Mandates Devastating Austerity: Pension Cuts, School Closures, Healthcare Privatization, Furloughs

2017-03-13 00:00:00 +0000 UTC | Importance: 10/10

The Financial Oversight and Management Board unanimously approved a brutal 10-year fiscal austerity plan (2017-2026) developed with McKinsey’s strategic consulting, imposing severe cuts to pensions, education, and healthcare to prioritize debt repayment to bondholders. The plan’s key …

McKinsey & Company Financial Oversight and Management Board for Puerto Rico Puerto Rico Government Rafael Torregrosa mckinsey puerto-rico austerity shock-doctrine pension-theft +5 more

Obama Signs PROMESA Creating Unelected Fiscal Control Board to Govern Puerto Rico's $72 Billion Debt Crisis

2016-06-30 00:00:00 +0000 UTC | Importance: 9/10

President Barack Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law, establishing a seven-member Financial Oversight and Management Board with sweeping powers over Puerto Rico’s government. The board, appointed by the U.S. President rather than …

Barack Obama U.S. Congress Financial Oversight and Management Board for Puerto Rico Puerto Rico Government puerto-rico promesa fiscal-control-board austerity colonial-governance +3 more

Puerto Rico Defaults on $422 Million Bond Payment, Triggering Largest Municipal Debt Crisis in U.S. History

2016-05-01 00:00:00 +0000 UTC | Importance: 9/10

Governor Alejandro García Padilla ordered Puerto Rico’s first major default, blocking a $422 million payment on Government Development Bank bonds. This historic default was part of Puerto Rico’s unprecedented $72 billion debt crisis, representing debt larger than the island’s GDP. …

Alejandro García Padilla Puerto Rico Government Development Bank Puerto Rico Government Hedge Fund Creditors puerto-rico debt-crisis municipal-bankruptcy financial-engineering austerity +3 more